26th Jun 2020 11:13
(Alliance News) - Lansdowne Oil & Gas PLC on Friday reported a narrowed pretax loss but described 2019 as a "challenging year".
Its pretax loss slimmed to GBP179,000 from GBP293,000
"2019 has proved another challenging year for the company; however, the board remains steadfast in its belief of the significant potential of Barryroe and is focused on unlocking its inherent value," Non Executive Chair Timothy Byng said, referring to the Barryroe oil and gas field off the coast of Cork, Ireland.
"In addition to the challenges the company already faced, the onset of the coronavirus pandemic has impacted the entire global economy, resulting in a dramatic reduction in oil and gas consumption and a collapse in their prices."
During 2019, Lansdowne Oil terminated a farm-out agreement with Chinese investors APEC Energy, which failed to provide USD9.0 million in financing for the Barryroe oil project.
Fellow Barryroe stakeholder Providence Resources PLC in February said it had begun a process to strip APEC of its holding in the project.
Before APEC was ousted, Providence had a 40% interest in Barryroe while Lansdowne's interest was 10%. Afterwards, Providence will regain its original 80% interest and Lansdowne its 20% interest.
Lansdowne shares were 12% lower at 0.75 pence each in London on Friday morning. Providence was down 5.8% at 3.65p.
By Eric Cunha; [email protected]
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