27th Mar 2015 12:02
LONDON (Alliance News) - Regency Mines PLC Friday said its interim pretax loss narrowed as it booked fewer impairments and said it will look to balance the current risks in the oil industry with investments in smaller companies and in the mining sector.
The natural resources exploration and investment company reported a pretax loss of GBP806,131 for the six months ended December 31, narrower than the GBP1.1 million loss reported in the comparable period a year earlier, after Regency recorded a lower level of impairments against its exploration assets.
In the period, Regency booked GBP103,971 in impairments against exploration assets, significantly less than GBP475,138 a year earlier, partially offset by a GBP50,150 loss on sales of investments and a rise in administrative costs.
The company said it will balance its investment between oil and mining, with the latter "complementing" the "uncertain" oil industry.
"Adding cash flow from smaller oil and gas participations as an additional source of financing to cover company overheads and fund mineral exploration is a rational response to current market conditions," it said in a statement.
Regency shares were up 9.1% to 0.0873 pence per share on Friday afternoon.
By Joshua Warner; [email protected]; @JoshAlliance
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