16th Oct 2025 15:31
(Alliance News) - Geo Exploration Ltd on Thursday reported a slight widening of its full-year loss, as it said its Juno project in Western Australia has the potential to be a "district-scale discovery".
The oil and gas exploration company focused on Africa, Australia and the Mediterranean reported a pretax loss from continuing operations of USD1.1 million in the financial year to June 30, widening slightly from USD1.0 million a year prior.
It reported no revenue, flat with the prior year, and also recorded no other income, down from USD46,048. Employee benefits expenses multiplied to USD706,446 from USD211,953.
However, share based payments were significantly lower at USD14,770, down 97% from USD477,475, with the bottom line supported by foreign exchange gains of USD151,954, multiplying from USD268.
Geo Exploration reported cash at year-end of USD1.1 million, advancing from USD193,070 a year prior.
The company said its primary focus throughout the financial year has been advancing the work programme for the June project in Western Australia, coupled with the continue farm-out process for the Namibian licence PEL 0094, "alongside a significant technical update and 22% increased resource upgrade".
Geo Exploration said it "expedited" the Juno project work programme, completing several milestones in order to initiate its drilling campaign including surveys, modelling and agreement execution.
Shares in Geo Exploration rose 4.3% to 0.31 pence on Thursday afternoon in London.
Looking ahead, the company said it continues to pursue its dual focus of gold exploration in Australia and oil exploration in Namibia. It noted a "strong" gold market backdrop, as it said the drilling programme at the Juno project is positioning the company to capitalise on a "potentially district scale opportunity."
"GEO has delivered a year of transformation, strengthening our project portfolio and balance sheet while executing on our strategy to deliver value for shareholders," said Chief Executive Omar Ahmad.
"At Juno, we are now drilling what we believe has the potential to be a district-scale discovery, backed by a world-class team. In Namibia, we continue to focus on securing a transaction that is clearly value-accretive for our shareholders."
By Christopher Ward, Alliance News reporter
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