31st Mar 2016 11:36
LONDON (Alliance News) - Nu-Oil & Gas PLC on Thursday said its pretax loss narrowed in the first half thanks to a fall in administrative expenses.
Nu-Oil said its pretax loss for the half to the end of December was GBP472,000, compared with a GBP1.1 million loss a year earlier.
The narrowed loss moved in line with a fall in administrative expenses, which more than halved to GBP472,000 from GBP1.1 million. The company did not generate any revenue in the first half, having made GBP27,000 a year earlier.
The oil and gas company said it is focused on building a portfolio of assets through its Marginal Field Development Co unit, in which it holds a 50% stake. Nu-Oil is also holding talks on potential further investments.
"Despite some unforeseen delays, discussions are well advanced with a number of operators to secure projects that would positively impact upon the future of the company both in the short and long term. The aim is to build a portfolio of projects and opportunities that do not expose Nu-Oil to exploration and appraisal risk," said Nigel Burton, Nu-Oil's chief executive.
Shares in Nu-Oil were up 1.6% to 0.188 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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