(Alliance News) - Independent Oil & Gas PLC on Thursday said it swung to profit in 2019, due to the farm-down of its assets.
The development and production company, which like in 2018 did not report any revenue, swung to a pretax profit of GBP15.0 million from a GBP5.6 million loss.
Driving the swing was GBP24.3 million that Independent reported in profit on farm-downs.
Administrative expenses more than doubled to GBP2.6 million from GBP974,000.
The company said: "2019 proved to be a highly successful year for IOG in which we accomplished a series of transformational milestones against a turbulent backdrop."
During 2019, the company completed the farm-out of 50% of its Core Project to CalEnergy Resources Ltd. Independent remains the operator of the UK southern North Sea project.
Shares in the company were 4.6% higher at 11.50 pence each in London on Thursday morning.
By Eric Cunha; ericcunha@alliancenews.com
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