15th Mar 2019 11:47
LONDON (Alliance News) - Global Petroleum Ltd on Friday reported a slight reduction in its annual loss due to lower expenses.
For the six months to the end of 2018, the company posted pretax loss of USD916,390 compared to USD975,145 in the comparative period a year ago.
Administrative costs lowered to USD519,167 from USD536,465, while employer benefits and salaries also fell to USD196,060 from USD205,755.
As it is an exploration-focused company, Global Petroleum did not report any revenue.
Looking ahead, the company said it remains committed to offshore Namibia where work will continue in seeking a farm-out partner to fund future operations on both PEL 0029 and PEL 0094.
Global Petroleum shares were untraded at 1.37 pence each.
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