11th Mar 2016 08:43
LONDON (Alliance News) - Global Petroleum Ltd on Friday said it will remain selective on spending in the second half amid the low oil price environment, as its pretax loss narrowed in the first half of its financial year.
The company said its pretax loss for the six months to the end of December was USD1.3 million, narrowed from a USD2.3 million loss a year earlier due to lower costs across the board. The company does not generate any revenue.
Global Petroleum said its licence covering the 1910B and 2010A blocks in the Walvis Basin, offshore Namibia, were extended during the half into phase 2 by local authorities on a reduced minimum work programme.
Seismic and gravity data for the site has been encouraging, Global Petroleum said, and its confidence in the prospect has increased, though it will remain very selective on its capital spending in the second half given the continuing challenges facing the oil and gas industry.
Shares in Global Petroleum were untraded on Friday, having last traded at 1.64 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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