26th Sep 2014 14:06
LONDON (Alliance News) - Wildhorse Energy Ltd Friday reported a significantly wider loss in its last financial year, hit by exploration and evaluation impairment expenses, the loss on the disposal of US companies and a loss of AUD32.4 million from discontinued operations in respect of its exploration and evaluation assets.
In a statement, Wildhorse Energy said it made a AUD7.8 million pretax loss in the year ended June 30, compared with a GBP5.1 million pretax loss in the prior year.
Wildhorse Energy's loss for the year, net of income tax and from discontinued operations, widened to AUD40.1 million, from GBP8.0 million.
Last month, Wildhorse revealed plans to raise about AUD3.4 million before costs in a five for one rights issue. On Friday, the company said it is confident its recent cost-cutting measures and ongoing restructuring, together with the rights issue, will enable it to pursue new opportunities in the resource and other sectors and to progress its current projects.
Wildhorse, which is yet to start production, is in the medium- to long-term looking to develop its uranium project, consider other new business development opportunities in the natural resource energy sector, apply for new oil and gas exploration interests, and explore other non-energy related business development opportunities in the resources sector.
Wildhorse Energy shares were Friday quoted down 0.8% at 0.372 pence.
By Samuel Agini; [email protected]; @samuelagini
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