6th Jun 2014 09:25
LONDON (Alliance News) - Independent Oil & Gas PLC Friday said its loss widened in 2013, mainly due to the cost of its initial public offering on AIM and higher finance expenses.
The company reported a net loss of GBP1.0 million, more than double the GBP446,419 loss in 2012, as it booked GBP236,050 in AIM listing costs, GBP358,758 in non-cash provisions for the issue of share options, and as finance expenses rose to GBP174,600, from GBP99,858. It currently doesn't earn any revenue.
Independent Oil and Gas owns 50% of the Blythe gas field in the Southern North Sea, and 50% of the Skipper licence south east of the Shetlands. It joined AIM last September.
Independent Oil & Gas shares were up 1% at 26.25 pence Friday morning.
By Steve McGrath; [email protected]; @SteveMcGrath1
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