28th Sep 2018 14:33
LONDON (Alliance News) - Pennpetro Energy PLC on Friday reported a wider interim loss, in a period in which it made "steady" progress.
Pennpetro, which is focused on the Gonzales field in Texas, posted a pretax loss of USD457,000 for the six months to June from USD153,000 a year prior. It produces no revenue.
During the half, the company complete its tankerage farm at Gonzales, and testing of the infrastructure is ongoing.
Looking ahead, the plan is to start full production from the OCG1-H well, buy more land leases, and carry out a 3D seismic survey.
"The period under review has been one of real progress and the company is now well placed to capitalise on the recovery in sentiment within the US and global petroleum sectors," said Non-Executive Director Keith Edelman.
"We remain confident in our petroleum assets, our US operations and the board will continue to build upon what has been a successful and busy first year for the group."
Shares were untraded on Friday, but were last quoted at 66 pence each.
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