(Alliance News) - Hardy Oil & Gas PLC on Thursday posted a narrowed loss in the first half of its current financial year and said that it is focusing on acquiring or establishing a company, business or asset that operates in the resources sector or other industries.
The exploration and production company reported a pretax loss of GBP690,838 in the six months to the end of September compared to GBP717,472 loss a year ago.
Hardy did not generate any revenue in either year.
As at the end of November the company had USD10.5 million in cash and short-term investments.
At the end of November, Blake Holdings Ltd said it had bought 9.2 million Hardy shares at 5 pence each, taking its holding to 42%, meaning it is now required to make an offer for the firm at 5p.
"Hardy's board of directors will be writing to shareholders as soon as practicable with its formal response to the mandatory offer once Blake has posted the offer document," said Chair Alasdair Locke.
Hardy shares were trading 9.1% lower in London on Thursday at 5.00 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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