LONDON (Alliance News) - Oil and gas company Gulfsands Petroleum PLC on Friday posted a significantly wider pretax loss for 2015 after it booked big writedowns on its projects amid the low oil price environment.
Gulfsands, which owns assets in Syria, Morocco, Tunisia and Colombia, said its pretax loss was USD69.2 million for the year, compared to USD12.1 million a year earlier, mainly due to USD53.8 million in impairment charges the firm booked on its assets.
Gulfsands said its involvement in operations in Syria remain suspended due to EU sanctions imposed on the country's government amid its ongoing civil war, but it has initiated the farm-out process for its assets in Morocco, Tunisia and Colombia.
Gulfsands has continued to seek to cut costs to offset the challenges it faces and will focus on farming out its assets, though it said it remains committed to the Syria holdings.
Shares in Gulfsands were down 9.1% to 5.00 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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