26th Nov 2015 10:56
LONDON (Alliance News) - Hardy Oil and Gas PLC, an oil and gas exploration and production company focused on India, on Thursday said that pretax losses narrowed in the first half of its financial year.
"Through this down cycle in commodity prices we can achieve tangible value creation with constructive collaboration from all stakeholders, from our India based assets. We have in place clear priorities and objectives. However the pace of activity is not satisfactory. The actions of our partners and sovereign authorities to a large extent will determine our ability to invest further in India," the company said.
Pretax losses narrowed to USD1.5 million in the six months ended September 30, from USD1.8 million the corresponding half the prior year.
No revenue was generated in either period, while administrative expenses fell to USD1.6 million from USD1.7 million and interest and investment income rose to USD177,067 from USD40,295. Finance costs fell to zero from USD123,209.
Shares in Hardy Oil and Gas were untraded on Thursday, having last traded at 18.00 pence.
By Samuel Agini; [email protected]; @samuelagini
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