30th Sep 2013 08:08
LONDON (Alliance News) - San Leon Energy PLC Monday said its pretax profits increased in its first-half despite lower sales and higher administrative expenses.
The oil and gas production company with operations in Europe and North Africa said its pretax profits increased to EUR1.1 million from EUR787,565 for the six months ended June 30.
Sales at the company halved to EUR537,835 from EUR1.2 million as it provided no seismic services to third parties in the latter period of the half.
The company also said its administrative expenses increased to EUR5.2 million from EUR4.7 million due to non-recurring costs related to its acquisition of Aurelian Oil and Gas Limited in January.
San Leon benefited from a one-off asset gain of EUR6.8 million arising from the acquisition of Talisman Polska Sp. in May.
The company also announced that it has completed the first tranche of an 110 million share placing earning the company GBP5.3 million towards further operations.
San Leon shares were up 1.54% to 4.95 pence in early trading Monday.
By Tom McIvor; [email protected];
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