27th Sep 2018 12:15
LONDON (Alliance News) - Resources investor Reabold Resources PLC said on Thursday its interim loss widened as it looked to the rest of the year with excitement following a series of investments made since late 2017.
Revenue for the six months to June 30 came in at GBP3,000, compared to nothing a year earlier. The company's pretax loss widened sharply to GBP746,000 from just GBP70,000 a year before.
Administration expenses rose to GBP395,000 from GBP70,000 last year, as the company also booked GBP322,000 in share-based payments expenses, having seen no such costs in the same period a year before.
"We are highly encouraged by the success we have had so far in the implementation of our strategy to invest in low-risk, high impact upstream oil and gas projects," the company said.
In November 2017, the company made its first investment under its strategy in Corallian, which holds a portfolio of UK oil & gas licences.
Then, in December, Reabold invested in Danube, a newly-formed UK private oil and gas company, which holds a 50% interest in the Parta licence, onshore Romania, and a 100% interest in a low-risk appraisal campaign within Parta, comprising of two wells planned to test 49.9 billion cubic feet prospective and contingent resources.
In June this year, the company announced the conditional acquisition of Gaelic, providing Reabold with options to participate in "multiple near-term, high-impact oil and gas leases" in California.
"This portfolio, together with a number of other projects currently under review, means Reabold shareholders can look forward to an exciting 2018 and beyond," the company said.
Shares in Reabold were up 0.6% at 0.8298 pence on Thursday.
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Reabold Resources