24th May 2019 11:04
LONDON (Alliance News) - Victoria Oil & Gas PLC on Friday said its annual loss narrowed despite revenue falling by more 50%.
For 2018, the oil & gas firm posted a pretax loss of USD8.3 million, compared to USD10.7 million a year ago.
This was achieved by slashing administrative costs to USD6.5 million from USD10.7 million. What's more, the company booked "other" gains of USD821,000 compared to losses of USD1.7million reported the year before.
However, revenue more than halved to USD10.8 million from USD23.5 million a year prior.
"The company is for the first time in many years on the right track with lower costs, a better defined strategy, and the leadership to deliver value to shareholders," Chair Roger Kennedy said.
He added: "2018 was a difficult year accentuated by past mistakes; however, the events since the year end, with the injection of new capital by significant shareholders backing our business model, board and management changes, production levels increasing, and a strengthened financial position, ensures that the future looks brighter for shareholders."
Victoria Oil & Gas shares were trading up 0.4% at 12.42 pence each.
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