31st Mar 2016 11:28
LONDON (Alliance News) - Red Rock Resources PLC on Thursday said its pretax loss narrowed significantly in the first half of its financial year on higher other income booked in the period.
Red Rock said its pretax loss for the six months to the end of December was GBP22,025, compared to a GBP392,577 loss a year prior. The boost came from GBP420,587 in "other income" that Red Rock booked in the half, for which it didn't provide detail, plus a gain made on its foreign exchange exposure, compared to a loss a year earlier.
Red Rock has interests in an oil project in Louisiana in the US, a manganese project in South Africa and a gold project in South America.
Drilling on the Lutcher Moore wells at the Shoats Creek project in Louisiana is expected to start in summer 2016. Red Rock said it hopes that, by the end of 2016, it will have five producing wells at the Shoats Creek project.
The company said given the tough funding environment for resources companies, it has set a target of working towards cash breakeven and then cash generation over the course of 2016.
Red Rock shares were down 11% to 0.355 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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