24th Sep 2013 09:02
LONDON (Alliance News) - Falkland Oil and Gas Limited Tuesday said its pretax loss widened significantly in its first half as a significant foreign-exchange losses hit the company.
The AIM-listed oil-and-gas exploration company said its pretax losses widened to USD941,000 from USD160,000 for the six months ended June 30.
Falkland is yet to post any revenues.
Administrative expenses were down 35% at the company, to USD1.4 million from USD2.1 million.
The company posted a foreign-exchange loss of USD354,000, compared to a gain of USD805,000 the previous year, as sterling balances held to cover UK head office costs decreased in value.
Despite the losses, the company said it believes it is in a strong cash position and is fully funded for its planned seismic work and multi-well drilling programme, holding a cash balance of USD161 million.
Falkland shares were up 2.2% to 28.87 pence Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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