30th Jun 2014 11:46
LONDON (Alliance News) - San Leon Energy PLC Monday said it swung to a pretax loss in 2013 due to lower revenues, increased expenses and a significant impairment charge.
The oil and gas production company, with operations in Europe and North America, posted a pretax loss of EUR13.7 million, compared to a slim pretax profit of EUR72,339 in 2012.
The company said revenue fell to EUR3,013 from EUR333,146, administrative expenses increased significantly, and it took a USD7.0 million impairment charge to write-off exploration costs.
The company is currently developing fracking activities in the Baltic Basin of Poland, as a major planned acquisition of a 75% stake in Alpay Enerji in Turkey, which was announced in September, fell through earlier in 2014.
"As a whole, 2013 has been a challenging year, not only for San Leon but for many small exploration and production companies. Nevertheless, despite tough market conditions San Leon has made considerable progress - we became the largest shale gas player in Europe by acreage, complemented by a sizeable conventional and tight gas portfolio, and the company is now poised to move from exploration to production," Executive Chairman Oisin Fanning said in a statement.
San Leon shares were down 2.0% to 2.01 pence on Monday.
By Tom McIvor; [email protected]; @TomMcIvor1
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
SLE.L