14th Mar 2016 09:48
LONDON (Alliance News) - Red Emperor Resources NL on Monday said its loss narrowed on lower impairment charges in the first half as it continues to focus on selling its Georgian investment.
The company said its pretax loss narrowed to AUD8.5 million in the six months to the end of December from AUD15.4 million a year earlier, mainly as a result of booking an impairment charge of AUD7.7 million, compared to a USD15.2 million charge a year earlier. The company does not make any revenue.
Red Emperor said its focus remains on securing a sale of its 20% stake in Strait Oil & Gas Ltd, which owns a production sharing contract covering Block VIa in Georgia.
The sale of the contract has been held up by the volatility in oil and gas markets and by political instability in eastern Europe, Red Emperor said.
Shares in Red Emperor were down 2.7% to 1.17 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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