22nd Sep 2021 21:43
Oilex Ltd - Australian oil and gas exploration and production company - Pretax loss in year to June 30 narrows to USD1.7 million from USD5.7 million. Operating expenses drops to USD1.6 million from USD5.6 million. Does not generate any revenue in either period.
"The group will require further funding within the next twelve months in order to progress the Cambay development and drilling programme, to meet its ongoing administrative expenses, and for any new business opportunities that the group may pursue," company says.
Adds: "The directors believe that the group will be able to secure sufficient funding to meet the requirements to continue as a going concern, due to its history of previous capital raisings, acknowledging that the structure and timing of any capital raising is dependent upon investor support, prevailing capital markets, shareholder participation, oil and gas prices and the outcome of planned exploration and evaluation activities, which creates uncertainty."
Current stock price: 0.21 pence
Year-to-date change: up from 0.080p
By Paul McGowan; [email protected]
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