(Alliance News) - Lekoil Ltd on Friday said it expects performance to improve following a swing to loss in the first half of 2019.
Lekoil shares were trading 11% lower on Friday in London at 4.58 pence each.
The oil & gas exploration and development company swung to pretax loss of USD1.2 million in the six months to the end of June compared to USD4.0 million profit recorded a year earlier, as revenue slipped to USD22.3 million from USD22.4 million.
Lekoil also said operating expenses multiplied to USD4.3 million from USD1.1 million year-on-year.
The company continues to target a 25% run rate reduction of general and administrative costs for 2019.
Lekoil said Otakikpo, which is located in Nigeria, production averaged 5,822 barrels of oil per day gross with 2,329 barrels of oil daily net to Lekoil, up 14% from last year.
"We thank our shareholders for their continued patience and remain optimistic the outlook is set to improve. We are excited about what we see is in prospect for all of us over the next few years, and we look forward to delivering on this," said Chief Executive Lekan Akinyanmi.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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