29th Aug 2019 10:09
(Alliance News) - Oriole Resources PLC on Thursday said its loss narrowed in the first half of 2019 due to a reduction in operating expenses.
The exploration company said its pretax loss totaled GBP748,000 in the six months to the end of June versus GBP3.3 million loss a year earlier, as administrative expenses were reduced to GBP584,000 from GBP1.0 million.
Oriole did not generate any revenue in either year, as it is currently focusing on exploration programmes in both Senegal and Cameroon.
The company reported "good" results from its earn-in projects in Cameroon and further progress on joint-venture on the Dalafin project in Senegal.
Looking ahead, Oriole said it continues to look to expand its footprint in Cameroon, and elsewhere it is looking to realise value from its portfolio of investments and royalties.
"The first half of 2019 has seen significant activity across the group," said Chief Executive Tim Livesey. "We are expanding our position in Cameroon to build on our success to date in what is an underexplored but highly prospective country."
Oriole shares were trading 2.9% lower in London on Thursday at 0.32 pence each.
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