31st Oct 2019 12:53
(Alliance News) - Oil & gas exploration firm IMC Exploration Group PLC said Thursday its annual loss narrowed as costs fell sharply, as it continued to progress its drilling programme in Ireland.
For the year ended June, pretax loss shrunk to EUR366,816 from EUR1.2 million the year prior. This was after administrative costs fell sharply to EUR366,816 from EUR921,757 the year prior, and a EUR284,088 impairment the year prior was not repeated.
IMC did not generate any revenue in either year.
"During the year under review, the group continued the drilling programme and evaluation work on PL 3849 in Avoca, County Wicklow, the drilling programme on the Gold Mine River project on PL 3857 located on the Gold Mine River in County Wicklow and the drilling programme on the North Wexford gold project on PL 2551," Chair Eamon O'Brien said.
"IMC was pleased to have been in the financial position to carry out a six-month long drilling programme on its licence areas in County Wexford and County Wicklow," O'Brien added.
Shares in IMC were untraded at 1.70 pence in London on Thursday.
By Ahren Lester; [email protected]
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