24th Sep 2013 08:58
LONDON (Alliance News) - Leni Gas & Oil PLC Tuesday said it widened its pretax loss as the company develops its Goudron site and experienced a range of extra costs.
The oil and gas exploration and development company, which has assets in Spain and Trinidad, said its pretax losses widened to GBP1.4 million from GBP971,000 for the six months ended June 30.
The company said sales increased 24% to GBP2.3 million from GBP1.8 million and the number of sales increased 52% to 45,969 barrels of oil from 30,155 barrels the previous year.
In addition, its newly acquired Goudron field in Eastern Trinidad increased production levels from 105 barrels of oil per day at the end of 2012 to 260 barrels at the end of the half-year. Leni said it hopes to reach a daily production of 400 barrels of oil from the Goudron field by the end of 2013.
Leni increased its administrative expenses to GBP1.4 million from GBP934,000 as the company had to carry out various works to develop the Goudron site, including the creation of a new sales tank and a range of infrastructure improvements.
Leni Gas & Oil shares were down 2.78% to 0.855 pence Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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