26th Sep 2013 09:18
LONDON (Alliance News) - Roxi Petroleum PLC Thursday said pretax losses narrowed in its first-half as sales vastly increased in Kazakhstan and administrative expenses almost halved.
The oil and gas exploration and development company, which has operations in Central Asia, said its pretax losses narrowed to USD3.6 million from USD4.6 million for the six months to June 30.
The company said its sales saw a seven-fold increase to USD3.5 million from USD474,000 following a ramp up of operations in Kazakhstan but its cost of sales also increased to USD3.5 million from USD474,000.
Roxi lowered its administrative costs to USD2.7 million from USD4.5 million as it carried out a significant cost reduction programme.
The company also managed to complete a USD40 million equity facility during the period to assist on the development of its 58.41% owned flagship BNG LLP operated contract area in Western Kazakhstan.
Roxi shares were down 0.32% to 4.61 pence Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
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