31st Mar 2014 12:27
LONDON (Alliance News) - Enegi Oil PLC Monday said its pretax loss narrowed slightly in its first half as expenses fell at the company.
The oil and gas company with a portfolio of projects in the UK North Sea, the Canadian province of Newfoundland, Ireland and Jordan said its pretax loss narrowed to GBP1.3 million for the six months ended December 31, from GBP1.5 million the previous year.
The company, which did not produce any revenues during the period, said the savings were made in its administrative expenses which fell 17% to GBP1.3 million from GBP1.5 million.
Enegi said its focus remains on the development of its ongoing marginal fields initiative, which focuses on reductions in capital expenditure and operational expenditure for advanced buoy technologies through the combination of being unmanned and redeployable, helping to achieve maximum economic recovery.
Earlier in the month, Enegi said it, along with Advanced Buoy Technology Ltd, had agreed to extend an option agreement allowing Wood Group PSN, a division of John Wood Group PLC, the possibility to expand its participation in the development of the marginal field initiative.
The company also reiterated that it expects to submit the final form of its field development plan for the Fyne Field in late summer 2014.
Enegi Oil shares fell 0.4% to 7.85 pence Monday.
By Tom McIvor; [email protected]; @TomMcIvor1
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