31st Jul 2015 17:13
LONDON (Alliance News) - Xplorer PLC Friday reported a wider pretax loss in its recently-ended financial year as it booked costs associated with investments and was hit by a fall in oil prices.
The oil and gas investment company, which doesn't generate any revenue, said that its pretax loss in the year ended March 31 widened to GBP1.1 million from GBP1.0 million as it incurred costs relating to the assessment and appraisal of a number of investment opportunities in addition to administrative expenses.
Xplorer added that a "dramatic" fall in oil prices during the year made it difficult to make any transactions and the "economics of prospective projects moved violently as a result".
Shares in Xplorer were untraded on Friday, last trading at 12.50 pence.
By Karolina Kaminska; [email protected] @KarolinaAllNews
Copyright 2015 Alliance News Limited. All Rights Reserved.