30th Sep 2015 14:28
LONDON (Alliance News) - President Energy PLC on Wednesday reported a widened pretax loss for the first half of 2015, hit by the fall in the oil price.
President is an oil and gas exploration and production company with producing assets in Argentina and the US state of Louisiana, and exploration assets in Paraguay and Australia.
For the half year to end-June, the company reported a pretax loss of USD3.3 million, widened from a pretax loss of USD824,000 the year before, as revenue fell to USD4.5 million from USD5.8 million, and it reported higher cost of sales.
The company said its average realised price per barrel fell to USD70 in Argentina, compared to USD74 a barrel a year before, and USD52 a barrel in the US, compared to USD102 per barrel a year before.
"President has continued to make solid progress towards achieving its key objectives for 2015, having made further operational success in this reporting period, laying much of the groundwork for progress in the second half of 2015 and beyond," said Chairman Peter Levine in a statement.
Shares in President were down 4.3% at 9.45 pence Wednesday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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