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(Alliance News) - Lansdowne Oil & Gas PLC on Thursday said the Barryroe funding delays remain its biggest issue as it posted a narrowed loss in the first half of 2019.
Shares in Lansdowne were 12% lower at 1.02 pence each in London on Thursday morning.
In the six months to June 30, the company recorded a pretax loss of GBP98,000 narrowed from GBP156,000. Finance costs more than halved to GBP27,000 and administrative expenses shrunk by 28% to GBP71,000.
Lansdowne owns 10% of the Barryroe oil project while operator Providence Resources PLC's stake is 40%. APEC Energy Enterprises, a Chinese investor, holds the remaining stake in the project, which is about 50 kilometres off the south coast of Ireland.
Funding for the project has been mired in deadlock. APEC initially committed to issuing a USD9.0 million loan in June but this has frequently been delayed, most recently to September 30.
Lansdowne said: "The key issue facing the company is the delay in the delivery of the loan funds from APEC, as called for under the farm-out agreement. A further extension to the payment date has been granted to September 30.
"Whilst the situation therefore remains uncertain, we continue to believe Barryroe, a significant oil accumulation in shallow water, has substantial value and we will continue our efforts to demonstrate and crystallise this."
The company also received clarification from the Irish government the phasing out of exploration in the country is only related to new to the award of new licences.
On Monday, Irish Taoiseach Leo Varadkar said the government has been advised to end exploration for oil in Irish waters.
Both Barryroe, and the 9%-owned Helvick licence in the North Celtic Sea basin, will not be impacted by changes in legislation.
By Eric Cunha; ericcunha@alliancenews.com
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