29th Sep 2015 12:07
LONDON (Alliance News) - Sirius Petroleum PLC Tuesday reported a wider pretax loss in the first half of 2015 as it booked higher operating costs, but said it is working to keep costs lower going forward.
The investing company which focuses on oil and gas development opportunities in Nigeria said that its pretax loss in the six months ended June 30 widened to USD2.2 million from USD2.1 million in the first half of 2014.
It said that it incurred costs during the period related to its evaluation work on the Ororo Field as well as the running of its London and Nigerian operations.
"The directors continue to manage carefully the company's expenditure to keep the operating costs of the company's day-to-day operations as low as possible," Chairman Jack Pryde said in a statement.
"The directors have produced an updated cash flow model in relation to the Ororo Field and in light of the current oil price, the decline of rig rates, and reduction of development costs we are still confident the project is economical in the current market environment," he added.
Shares in Sirius were trading down 8.5% at 0.430 pence following the announcement.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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