29th Apr 2014 12:12
LONDON (Alliance News) - InfraStrata PLC Tuesday said its pretax loss narrowed in its first half as administrative expenses dropped at the company.
The petroleum exploration and gas storage company, with operations in the UK, said its pretax loss narrowed to GBP723,970 for the six months ended January 31 from GBP867,168 the previous year.
The company, which made limited revenues of GBP5,652 said its administrative expenses fell to GBP684,379 from GBP859,203, making up the majority of its financial improvements during the period.
The news comes after the company announced on Monday that it has made an agreement that will see it work with Carstone Exploration Ltd to identify early stage opportunities and seek to grow an exploration portfolio in line with its investment strategy aimed at high impact exploration opportunities.
Under the new ventures exploration joint bidding agreement, InfraStrata said the exploration teams will work together to capture opportunities in lease rounds and attract quality farm-in partners to fund the exploration drilling costs.
Each company will hold 50% of the available licence interest in each new venture.
Infrastrata shares were down 1.4% to 8.75 pence Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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