30th Sep 2013 09:41
LONDON (Alliance News) - Sirius Petroleum PLC Monday said its losses widened in its first half as a large one-off interest charge hit company finances.
The gas-and oil-exploration investment company said its pretax loss widened to USD3.3 million from USD2.6 million for the six months ended June 30.
Sirius Petroleum has yet to post any revenues.
The company said its administrative expenses fell to USD1.3 million from USD2.6 million as the company lowered share-based payment charges and central costs.
Sirius was hit by a one-off finance cost of USD2.1 million, reflecting the interest and charges on short-term working capital funding.
The company said it is looking at ongoing funding arrangements and has entered into an Exclusivity Off-take Agreement with Glencore Energy UK Limited, part of Glencore Xstrata PLC, to provide a conditional pre-financing facility of up to USD65 million.
Sirius Petroleum shares were down 1.5% to 3.35 pence Monday.
By Tom McIvor; [email protected]; @TomMcIvor1
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