30th Jun 2014 12:28
LONDON (Alliance News) - Sirius Petroleum PLC Monday said its losses almost doubled 2013, due to the costs of developing and reviewing its interests in both potential oil and gas blocks and individual marginal field opportunities.
The company, which focuses on oil and gas development and production opportunities in Nigeria, posted a pretax loss of USD6.6 million for 2013, compared with a USD3.9 million loss a year earlier.
Finance costs on loans increased to GBP1.6 million from USD785,000, while share-based payments increased to a charge of USD990,000 from a credit of USD121,000.
At an operating level, Sirius said it continues to make good progress on its Ororo field development plan and on building a pipeline of investment opportunities.
"We look forward to working with our partners in Nigeria as we move into the next stage of developing our portfolio of assets and taking the first of these into near term production, which remains conditional upon the completion of our financing strategy," the company said.
The company is now looking at a number of funding initiatives to realise its aims.
Sirius Petroleum shares were quoted up 0.7% at 3.90 pence Monday afternoon.
By Anthony Tshibangu; [email protected];
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