22nd Sep 2014 10:08
LONDON (Alliance News) - Mongolian oil explorer Petro Matad Ltd Monday reported a narrowed loss for the first half of the year, as costs declined due to lower exploration activity and reduced staff numbers.
The AIM-listed company reported a net loss of USD2.0 million for the six months to June 30, narrower than the USD3.7 million loss it made a year earlier. It's earning minimal revenue at the moment, so its loss it primarily due to changes in its spending and costs.
Petro Matad shares were down 12% at 2.75 pence Monday morning.
By Steve McGrath; [email protected]; @stevemcgrath1
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