30th Mar 2015 09:52
LONDON (Alliance News) - Hague and London Oil PLC Monday said its pretax loss narrowed in the first half of the financial year and said it is fully funded to carry out all of its commitments in 2015.
The company was formerly known as Wessex Exploration until it merged with Hague and London Oil BV in 2014, and is now an upstream oil and gas business with assets based in the UK, Philippines, South America, East Africa, North Africa and in the Western Sahara.
The company reported a pretax loss of GBP4.2 million for the six months ended December 31, narrower than the GBP6.2 million loss reported a year earlier, as the company reduced administrative expenses to GBP694,223 from GBP921,908 and recorded a GBP3.5 million loss from its joint ventures compared to making a GBP5.2 million loss from joint ventures a year earlier.
At the end of the period, the company had a cash balance of GBP1.8 million, and said it is fully funded for all of its current commitments.
"Hague and London Oil has built on the foundations of Wessex Exploration to create a nimble, ambitious independent exploration and production company with a global portfolio. We are now focused on rationalising and growing the portfolio of assets assembled by the previous management team as well as the assets, expertise and network the new team has brought to the company," said Chairman and interim Chief Executive Andrew Cochran.
Hague and London shares were down 3.7% to 6.50 pence per share on Monday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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