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LONDON (Alliance News) - Bowleven PLC Monday said its pretax loss narrowed in its first half as costs and expenses fell at the company.
The Africa-focused oil and gas exploration company, which is yet to produce any revenues, said its pretax loss narrowed to USD6.6 million for the six months ended December 31, 2013, from USD9.4 million the previous year.
The company said its administrative expenses fell 13% to USD5.5 million from USD6.3 million, and its finance costs fell 62% to USD1.3 million from USD3.4 million.
Bowleven lowered its costs as it focused on the initial phase of its Etinde development in Cameroon and noted that although granting of its Exploitation Authorisation has taken longer than expected, it expects that this process is almost complete.
The company said discussions are also ongoing over the potential farm-out of interests in its Etinde and Bomono sites, while it is also in discussions over further funding for its operations.
Bowleven shares were down 0.6% to 29.58 pence Monday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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