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(Alliance News) - Global Petroleum Ltd on Monday said its loss narrowed in the first half of its financial year on reduced expenses.
Shares in Global Petroleum were down 9.5% at 1.40 pence in London on Tuesday afternoon.
The firm's pretax loss for its year ended June 30 was USD1.7 million, narrowed from USD2.0 million the year before.
This was due to a decline in exploration & business development expenses to USD135,758 from USD208,622, a reduction in employee benefits expense to USD375,890 from USD416,647, and a drop in other expenses to USD172,402 from USD192,646.
As at June 30, upstream exploration firm Global Petroleum's cash balance stood at USD2.8 million, having been USD24.9 million the year before.
The firm has submitted applications in Italy over assets in the Adriatic Sea and noted the Italian Parliament's decision to suspend hydrocarbon exploration and permit applications for 18 months. Global Petroleum is monitoring political developments in Italy, which it sees as "potentially valuable".
"The company remains very positive with regard to the prospectively of its Namibian assets, noting that oil & gas majors continue to make significant acreage acquisitions offshore Namibia. Global continues to monitor opportunities which might complement its existing portfolio of exploration assets, and remains open to strategic growth of a more structural nature," said Chief Executive Peter Hill And Non-Executive Chair John van der Welle.
By Anna Farley; annafarley@alliancenews.com
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