26th Sep 2013 11:42
LONDON (Alliance News) - Lansdowne Oil & Gas PLC Thursday said pretax losses almost halved in its first half as the company lowered its administrative expenses towards production at its Barryroe field.
The oil and gas exploration company with operations in the Irish North Celtic Sea said its pretax losses narrowed to GBP324,000 from GBP621,000 for the six months to June 30.
The company is yet to post any revenues and made the savings by reducing its administrative expenses to GBP342,000 from GBP574,000 during the period.
The company's key 20% owned Barryroe oil field increased in value during the period as the company moves towards further development of the site. Lansdowne said the Barryroe field has a gross recoverable resource of 346 million barrels of oil equivalent.
Lansdowne shares were down 1.28% to 38.50 pence Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
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