31st Mar 2015 12:45
LONDON (Alliance News) - Enegi Oil PLC on Tuesday said its pretax loss narrowed in the first half as it continued to try and cut costs in the face of the oil price decline.
Enegi, which produces virtually no revenue, said its pretax loss narrowed to GBP1.1 million in the six months to the end of December, compared with a GBP1.3 million loss a year earlier. It cut administrative costs to GBP1.1 million, from GBP1.3 million.
The company said it thinks its model of acquiring interests in projects, taking them to field development plan and then developing them using our solutions is a low risk, low cost and faster development solution for operators will help it to continue to attract investment even within a low oil price environment.
Shares in the company were up 6.7% to 0.747 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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