LONDON (Alliance News) - Andes Energia PLC Monday said its pretax loss widened in its first half as administrative expenses and one-off costs offset increased production.
The Latin American exploration and production group said its pretax loss widened to USD3.1 million from USD2.3 million for the six months ended June 30.
The company said sales increased to USD4.3 million from USD1.7 million during the period as the company's production rate increased to 1,400 barrels of oil per day.
However, Andes Energia also reported that its administrative expenses increased to USD2.8 million from USD2.5 million, and the company posted a one-off finance cost of USD2.7 million as it increased its assets in Argentina.
Andes Energia shares were up 3.5% to 22.25 pence Monday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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