28th Mar 2014 11:46
LONDON (Alliance News) - Wessex Exploration PLC Friday said its pretax loss widened in its first half as the company was hit by losses related to its joint venture Northpet Investments Ltd, operating offshore Guyane.
The hydrocarbon exploration company with operations in South America, Africa and the UK, which is yet to produce any revenues, said that its pretax loss widened to GBP6.2 million for the six months ended December 31, 2013 from GBP824,051 the previous year.
The company said that although its administrative expenses were largely flat at GBP921,908 from GBP913,547, it was hit by a GBP5.3 million charge as a share of losses related to its Northpet joint venture with Northern Petroleum PLC
Wessex said impairments on the Northpet joint venture included full impairments on the GM-ES-2, GM-ES-4, GM-ES-5 sites and rig decommissioning costs.
The company said that following the disappointments of the drilling campaign in Guyane, it has been working hard to maintain the option value of the current portfolio and to evaluate other possibilities, both project based and corporately.
Wessex shares were down 11% to 0.600 pence, putting it in the top five AIM fallers Friday.
By Tom McIvor; [email protected]; @TomMcIvor1
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