LONDON (Alliance News) - InfraStrata PLC Tuesday said its pretax loss narrowed in the first half of the year, as the company continues to focus on reducing costs and drilling two wells in Northern Ireland.
The petroleum exploration and gas storage company reported a GBP599,048 pretax loss in the six months ended January 31, narrower than the USD846,129 loss reported a year earlier, due to lower administrative expenses.
The company generates very little in revenue, but administrative expenses fell to GBP582,768 from GBP806,538.
"The company continues to monitor cash spent on management and administrative expenses and ensure that expenditure levels are kept to a minimum consistent with the requirements of legislative compliance and the efficient management of the company's assets," it said.
At the end of January, InfraStrata had cash totalling GBP624,227, which it said should last beyond December 2015, with net working capital standing at GBP154,624.
In the period, InfraStrata spent GBP55,757 for its share of exploration expenditure in the period, around half the amount spent a year earlier.
Management's focus for the remainder of 2015 is on the drilling programme for the two wells in Northern Ireland on the Islandmagee and Woodburn Forest projects, whilst continuing to keep close control of costs.
InfraStrata shares fell 10% to 3.83 pence per share on Tuesday morning.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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