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LONDON (Alliance News) - I3 Energy PLC said on Friday it recorded a substantially widened annual loss due to high administrative expenses in a year in which it listed on AIM in London.
The oil and gas development company, which focuses on the North Sea, saw its pretax loss for 2017 widen to GBP2.9 million from GBP404,834 in 2016.
The majority of this loss came from its GBP1.6 million administrative expenses. Wages and salary expenses, in particular, totalled GBP800,123 versus GBP177,500 the year before.
As the company is still in its exploratory stage, no revenue has been generated.
Moreover, the company encountered difficulties in its listing. The company issued private convertible loan notes totalling GBP4.2 million and planned to raise further funds through its listing and initial public offering.
However, it did not succeed in funding its Liberator West oil development and failed to raise capital through the initial public offering. I3's noteholders converted their notes to ordinary shares, allowing the company to list on the AIM.
Post year-end, i3 Energy has engaged in successful fundraising efforts, raising GBP2.6 million through shares.
The company intends to further develop Liberator West. Chief Executive Neill Carson said the company was "focused on the advancement of this asset".
"The continuing increase in commodity prices will help to support both the value of Liberator and the commerciality of other satellite developments which will remain a focus of our future strategy," the company said in its statement.
Shares in i3 Energy were 2.7% higher Friday at 115.00 pence each.