LONDON (Alliance News) - Frontier Resources International PLC Wednesday said it is still scrambling to raise funds to keep the company going and to develop its exploration projects after reporting a wider pretax loss in the first half of 2015.
The oil and gas exploration company operating in Oman and Namibia reported a USD882,000 pretax loss in the first six months of 2015, widening from the USD373,000 loss a year earlier after its administrative expenses more than doubled.
The group is still reliant on the continuing support from its existing and future shareholders. Cash balances stand at approximately USD150,000.
"The group has prepared cash flow projections reflecting the requirements of the group's operations and exploration plans, the expected funds to be raised and the potential proceeds of any farm-out during 2015-16. The group is continuing to have discussions with interested parties relating to the ongoing farm-out process, but it will be challenging to conclude a farm-out within the current financial year due to the current status of the oil exploration sector," it said in a statement.
Frontier shares were up 1.6% to 0.320 pence per share on Wednesday.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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