31st May 2019 11:04
LONDON (Alliance News) - i3 Energy PLC on Friday reported a significant reduction in its annual loss on the back of lower fees and expanses.
For 2018, the oil & gas firm posted a pretax loss of GBP2.0 million, compared to GBP2.9 million in 2017.
This was due to the lack of GBP475,050 in costs related to the company's AIM listing, conducted in 2017, and a reduction in finance fees to GBP25,370 from GBP259,832 during the year.
Furthermore, the amount of interest payable and "similar costs" fell in 2018 to GBP118,561 from GBP1.2 million the prior year. Administrative expenses rising to GBP2.4 million from GBP1.6 million, however.
As it is currently at an exploration stage, i3 did not generate any revenue in 2018 nor in 2017.
"2018 was a transformational year for i3 Energy as we significantly expanded our asset base and positioned ourselves to conduct, subject to the finalising of financing facilities, what is hopefully a game changing drilling program in 2019," Chief Executive Majid Shafiq said.
Looking ahead, the company said it will focus on three key areas, advancing its Liberator development, in the UK North sea, with targeted first oil in 2020, securing funding for its 2019 and 2020 development activities and complete its 2019 campaign at Liberator.
i3 Energy shares were trading 3.7% lower at 38.52 pence each on Friday.
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