27th Jun 2014 10:38
LONDON (Alliance News) - Lansdowne Oil & Gas PLC Friday said its pretax loss narrowed slightly in 2013 as administrative expenses and finance costs fell during the period while it developed the Barryroe Oil Field off the coast of Ireland.
The oil and gas exploration and development company - which is yet to produce any revenues - said its pretax loss narrowed to GBP1.0 million from GBP1.1 million the previous year.
The company said its administrative expenses fell slightly and its finance costs more than halved to GBP61,000 from GBP140,000.
Lansdowne Oil & Gas is focused on developing exploration and appraisal activities in the North Celtic Sea Basin, off the south coast of Ireland, and during the period a competent person's report on its part owned Barryroe oil field showed a prospective gross 2C resource of 346 million barrels of oil equivalent.
The company said its cash balances were GBP2.5 million at the end of 2013, and it is confident that a farm-out deal to continue development of the Barryroe field will be made shortly.
Lansdowne Oil & Gas shares were down 4.8% to 14.88 pence on Friday.
By Tom McIvor; [email protected]; @TomMcIvor1
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