LONDON (Alliance News) - Northcote Energy Limited Monday said its pretax losses widened in its first-half compared to the previous nine months as it developed its asset potfolio.
The onshore oil and gas exploration company, with operations in the US, said it made a pretax loss of USD2.2 million for the six months to June 30, compared to a USD181,000 loss for the nine months ended December 31 2012.
The company said its sales increased threefold to USD360,000 from USD113,000 during the comparable period as it developed its producing sites.
Northcote also said it has quadrupled its production to 100 barrels of oil equivalent per day and has increased its net acreage by 500% to 2,895 net mineral acres since January.
The company said it is targeting in excess of 250 barrels of oil equivalent per day by mid 2014.
Northcote Energy shares were up 3.27% to 1.42 pence Monday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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