LONDON (Alliance News) - Oil and gas investment company MX Oil PLC on Thursday reported a widened pretax loss as it continues to focus on developing its Nigerian investment.
Shares in MX Oil were down 12% Thursday at 0.30 pence each.
In the six months ended June, MX Oil's pretax loss widened to GBP1.1 million from GBP800,000.
The company's revenue more than doubled to GBP968,000 from GBP377,000.
MX Oil had GBP1.4 million of operating costs in the period, however, from zero the year before.
In the period, the oil and gas investment company said it carried out an updated competent person's report which reported a "significant" increase in the level of reserves and highlighted the "future potential" of the Aje Field in Nigeria.
The company has started work on modelling new oil well at both its Turonian and Cenomanian projects, in the Aje Field. Subject to the outcome of the modelling, MX Oil expects further development drilling in 2019.