18th Mar 2016 09:26
LONDON (Alliance News) - Oracle Coalfields PLC Friday said its pretax loss widened over the year on administrative expenses, as it continued to make progress towards a full implementation of its flagship coal project in Pakistan.
The coal miner reported a GBP972,776 pretax loss for the year ended December 31, compared to the GBP709,479 loss reported in 2014, due to higher administrative expenses.
Oracle does not currently generate any revenue, and the GBP980,819 administrative expenses generated in 2015, up from GBP712,016, were more than enough to offset slight rises in finance income and other operating income.
At the end of 2015, Oracle reported a cash balance of GBP1.9 million, following a share issue, which put it in a stronger position than in 2014 when it reported a balance of GBP383,063.
The company?s primary interest is the Thar Coalfield Block VI licence area located in the Sindh province in south-eastern Pakistan. The project is a 1.4 billion tonne resource with a 529 million tonne mineral resource and 113 million tonnes in proven reserves.
The company said work in 2016 will concentrate on formalising agreements and contracts to bring the project into full implementation, along with securing all financing arrangements, including equity for funding.
"Work is continuing on site in preparation for development in particular to establish land ownership so that land acquisition and resettlement can be undertaken in accordance with the resettlement policy framework published by the Sindh Coal Authority energy department in May 2015," said Chief Executive Shahrukh Khan.
Shares in Oracle were untraded on Friday, having last traded at 2.50 pence.
By Hannah Boland; [email protected]; @Hannaheboland
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