30th Mar 2023 14:21
(Alliance News) - Orcadian Energy PLC on Thursday reported a lower loss in the six months to December 31, as it had no listing costs.
The North Sea-focused oil and gas development company said pretax loss narrowed 43% to GBP489,503 from GBP864,376 a year prior. It had no listing costs compared to GBP325,449 in the six months to December 31, 2021, the year it started trading on AIM in July. The company does not yet make revenue.
Looking ahead, Orcadian Energy for 2023 said it is optimistic that the UK government will "realise the vital role that the UK's oil and gas industry has to play in delivering a secure transition. The UK government's and Climate Change Committee's forecasts of oil and gas demand rely on the UK importing that energy from overseas."
Orcadian Energy shares were 11% lower at 6.00 pence each in London on Thursday afternoon.
By Tom Budszus, Alliance News reporter
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