30th May 2023 12:16
(Alliance News) - Reabold Resources PLC on Tuesday said its annual loss narrowed as costs dropped, but lower sales volumes affected its revenue.
The London-based oil and gas company with projects in the UK, US and Romania said pretax loss in 2022 narrowed to GBP45,000 from GBP2.7 million a year prior, as cost of sales fell to GBP834,000 from GBP1.3 million the year before.
Revenue fell 53% to GBP560,000 from GBP1.2 million in 2021, attributed to reduced net sales volumes of 7,587 barrels of oil equivalent, down by 69% from 24,457 boe a year prior, in its Californian licences of West Brentwood and Monroe Swell, of which it owns a 50% working interest in.
Reabold did not declare a dividend for 2022, unchanged from the year before.
Looking ahead, Reabold is "encouraged" by the strength of its balance sheet of GBP5.5 million cash and no debt.
Shares in Reabold were up 0.6% at 0.14 pence each in London on Tuesday midday.
By Sabrina Penty, Alliance News reporter
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