10th Mar 2025 14:24
(Alliance News) - Orcadian Energy PLC on Monday said its loss narrowed in the first half of its current financial year, due to a reduction in asset impairment.
The oil and gas development company said its pretax loss narrowed to GBP449,015 during the six months that ended December 31, from GBP488,125 the year before.
The firm reported no impairment on intangible assets, down from GBP173,567 the year before.
The narrowed loss was also partly due to one-off exploration and evaluation expenses of GBP131,410 being offset by one-off exploration & evaluation recharges of GBP145,031.
In addition, net finance costs reduced 33% to GBP34,494 from GBP51,865.
Administrative expenses, on the other hand, increased 53% to GBP397,979 from GBP260,180 and pre-acquisition license expenses multiplied to GBP30,163 from GBP2,513.
"The second half of 2024 has been an important period in the development of Orcadian," said Chief Executive Officer Steve Brown.
"We have handed over responsibility for the Pilot project to Ping Petroleum and we are pleased with the progress they are making. We have developed a strong working relationship with the Marine Low Carbon Power Co Ltd and Independent Power Corp PLC teams, and we believe that these relationships can deliver on the Government's Clean Power initiative as well as being extraordinarily fruitful for Orcadian."
Shares in Orcadian Energy were up 4.7% at 9.95 pence in London on Monday afternoon. The stock has risen 14% over the past year.
CEO Brown continued: "Having closed the acquisition of [Halo Offshore UK Ltd] in December we are delighted to have brought IPC in as a 50% partner in Halo which we intend to grow into a gas producing company just as quickly as we can.
"We believe that 2025 will see us well on the road to being a production company and graduating from our current pre-development status."
By Emily Parsons, Alliance News reporter
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