29th Jun 2016 11:12
LONDON (Alliance News) - Sirius Petroleum PLC on Wednesday said its pretax loss narrowed during 2015 after both its finance costs of loan and share-based payments came in lower, and said, despite the challenging oil price environment, it made "good progress" on a number of business development opportunities.
The investing company focused on oil and gas development and production opportunities in Nigeria, said its pretax loss was USD4.1 million for 2015, compared to the USD5.6 million posted for 2014.
This was because total administrative expenses came in at USD3.3 million, down from USD4.1 million, offsetting a slight dip in other income to USD78,000 from USD81,000.
"Despite the challenging oil price environment, the company made good progress on a number of business development opportunities geared to the maturing Ororo field and reviewing other potential assets," Chairman Jack Pryde said in a statement.
A competent persons report is due to be published regarding the Ororo field "soon", Sirius Petroleum said.
Shares in Sirius Petroleum were untraded on Wednesday, having last traded at 0.232 pence.
By Hannah Boland; [email protected]; @Hannaheboland
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