LONDON (Alliance News) - African oil and gas explorer Bowleven PLC on Thursday said it swung to an interim pretax loss due to the absence of a large gain from exchange rate movements and impairment charges seen a year earlier.
For the six months to December-end, the company recorded a pretax loss of USD2.8 million, compared with a pretax profit of USD3.4 million in the year-ago period. No revenue was generated in either financial period.
Finance income, which includes gains from exchange rate movements, fell to USD795,000 from USD7.7 million. Impairment charges on inventory stood at USD1.8 million, versus nil a year ago. Administrative costs fell to USD2.4 million from USD4.4 million.
"During the remainder of FY 2017/18, the Group does not expect to incur any meaningful change in activity compared to the first 6 months of the financial year. The Etinde drilling programme will utilise the majority of deferred consideration asset of USD39.6 million. The voard does not expect to incur any further drilling related costs unless there is a significant unplanned event(s)," the company said.
Shares in the company were trading 2.1% lower at 34.47 pence.
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