LONDON (Alliance News) - AIM-listed oil and gas company Doriemus PLC on Wednesday said its pretax loss narrowed in the first half, as it made a new investment and awaited further updates from the Horse Hill find near Gatwick Airport in the UK.
The company said its pretax loss for the half to the end of June was GBP166,000, compared to GBP266,00 a year earlier, as a write-off it made last year on an investment in a subsidiary did not repeat.
Doriemus bought a 2.8% stake in Greenland Gas & Oil PLC in September and has an option to buy another 61% of the company. The company was granted an exploration licence in June for a prospect off the south-east coast of Greenland.
The company is awaiting further results from flow-testing at Horse Hill, south of London, a project involving a number of AIM-listed oil and gas companies which caused a stir earlier in the year amid reports that around 10.99 billion barrels are in place, though serious questions remain over how much of that oil can be recovered.
Shares in Doriemus are currently suspended, as exercising the option on Greenland Gas would constitute a reverse takeover.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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