27th Feb 2014 10:03
LONDON (Alliance News) - Hardy Oil & Gas PLC Thursday said its pretax loss narrowed significantly in its first half as production costs and administrative expenses fell during the period.
The exploration and development oil and gas company with operations in India said its pretax loss narrowed to USD5.7 million for the six months ended December 31, 2013 from USD12.7 million the previous year.
Hardy, which is yet to post any revenues, said its production costs fell to USD34,335 from USD277,100 a year beofre, and its administrative expenses fell to USD5.7 million from USD7.5 million, while in the same period during 2012 the company also posted a USD5.4 million cost for unsuccessful exploration which skewed the results.
The company said it has no debt, and its cash and short term investments at December 31 amounted to USD25.4 million, down 13% on USD29.1 million at the same point in 2012.
Hardy said in 2014 exploration drilling expected to recommence at its D3 site, and it expects to reach a consensus on outstanding commercial issues and secure approval for the field development plan at its PY-3 site.
The company said that the development of the PY-3 site and D3 site is pivotal towards the company's long term strategy in India.
Hardy shares were trading flat Thursday at 79.00 pence.
By Tom McIvor; [email protected]; @TomMcIvor1
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