30th Jun 2016 10:44
LONDON (Alliance News) - MX Oil PLC on Thursday reported a wider loss in 2015 following difficulties in Mexico, but said it is well-placed for the future after commencing production in Nigeria.
The oil and gas company investment company, which doesn't generate any revenue, said its pretax loss widened to GBP2.9 million in 2015 from GBP1.1 million in 2014.
MX Oil said its Nigerian investment progressed well during the year, with production commencing in May 2016, but Mexico proved more difficult due to funding difficulties which led to the cancellation of licence contracts.
"After a busy year, the company has made good progress. It has an investment in an oil and gas licence which has now commenced production and the company is, at the same time, well-funded. Given this position, the company is regarded as an attractive partner and is therefore seeing a number of interesting investment opportunities that could create additional value for shareholders going forward," Non-Executive Chairman Nicholas Lee said in a statement ahead of the company's annual general meeting on Thursday.
Shares in MX Oil were trading down 6.8% at 0.863 pence on Thursday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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