LONDON (Alliance News) - Independent Resources PLC on Wednesday said its pretax loss widened in the first half of 2015 due to higher administrative costs.
The company reported a GBP741,360 pretax loss in the first six months of 2015, widening from the GBP661,430 loss a year earlier. The company does not generate any revenue.
"Against a difficult backdrop for the industry, we continued to make progress during the first six months of 2015, albeit at a slower pace than we would have liked," said the company.
"We improved our understanding of the prospectivity of Ksar Hadada while farm-out talks continue and took the necessary steps to rationalise group costs through restructuring our Italian administrative presence. We have an active acquisition pipeline and now have a capable joint venture partner in Nostra Terra Oil & Gas PLC to help balance risk and actively assist with pre and post -investment activities," it added.
The pair will look for near-producing or producing assets in the region and initially focus on opportunities in Egypt and Tunisia.
Independent Resources shares closed up 6.7% to 0.800 pence per share on Wednesday.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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