LONDON (Alliance News) - MX Oil PLC Tuesday reported a wider loss for 2014 than in the previous year as activities ramped up under its new remit as an oil and gas investment vehicle that's focusing on the re-opening Mexican energy sector.
The company, which isn't currently earning any revenue, had a very subdued year in 2013 financially as it sold its quarrying operating business after failing to increase its scale in the US and Canada. However, activity picked up in 2014 as the business, renamed MX Oil and operating as an investment business, started to looking to invest in Mexican energy assets that are being auctioned by the state.
It booked a GBP1.2 million loss for 2014, compared with a GBP51,000 loss in 2013, as administrative expenses rose, it booked a share of losses in a joint venture, and made share-based payments.
MX Oil shares were down 3.7% at 3.25 pence Tuesday morning.
By Steve McGrath; stevemcgrath@alliancenews.com; @stevemcgrath1
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