30th Sep 2014 13:06
LONDON (Alliance News) - Gulfsands Petroleum PLC Tuesday posted a narrower first-half loss on the back of a rise in revenue and a small drop in costs in the period.
The company said its pretax loss in the six months to June 30 was USD9.2 million, compared to USD11.8 million a year earlier.
Revenue for the company increased to USD3.1 million, from USD2.2 million last year, and its total cost of sales fell slightly to USD2.3 million from USD2.6 million a year earlier.
The company said its production in the first six months averaged 214 barrels of oil equivalent. It also noted it completed 2D and 3D seismic surveys in Morocco in the first-half of the year and was appointed operator on the Moulay Bouchta licence in April.
Gulfsands said its assets in Syria remain shut-in amid the unrest in the country and said it is planning to start the drilling campaign for the Rharb permit in Morocco in the second-half of this year, Chief Executive Mahdi Sajjad said.
Gulfsands shares were down 0.6% to 53.7 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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