LONDON (Alliance News) - LGO Energy PLC Friday said that its pretax loss in the first half of 2015 remained broadly flat as its revenue more than doubled on strong oil sales but it booked higher finance charges.
The energy company's pretax loss in the six months ended June 30 stayed broadly flat year-on-year at GBP2.5 million, as revenue more than doubled to GBP6.6 million from GBP3.2 million.
LGO said that group oil sales increased hugely to 208,209 barrels from 64,754 barrels the year before, helping to boost revenue, but that it booked a GBP1.3 million finance charge including a GBP730,000 loss in relation to its BNPP loan facility. It only booked a finance charge of GBP148,000 the prior year.
"LGO has had a strong first half to 2015 with continued operational success at its flagship Goudron Field development in Trinidad. We have drilled seven new wells using the knowledge acquired from the 2014 campaign to improve our drilling technique. Our focus now is on ensuring the optimum production management strategy implemented based on the extensive well testing we have undertaken," Chief Executive Neil Ritson said in a statement.
"Looking ahead, we have a clear set of objectives for the second half of the year, most importantly, to continue to manage costs to ensure robust economic growth despite the low oil price environment," he added.
Shares in LGO were trading up 3.0% at 1.34 pence Friday morning.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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