LONDON (Alliance News) - Prospex Oil and Gas PLC Wednesday said its pretax loss narrowed in the first half of 2015, a quiet period for the company as it underwent a restructuring.
The company reported a GBP105,291 pretax loss in the first six months of 2015, narrowing from the GBP337,605 loss reported a year earlier. The company does not generate any revenue and the loss narrowed after the company booked a USD152,361 gain from its restructuring process.
Prospex underwent "significant changes" in the first half after shareholders approved the restructuring of the company back in April. That saw the company appoint an entirely new board, a name change from Premier Gold Resources Ltd, and entering into a company voluntary arrangement.
Prospex also disposed its wholly-owned subsidiary, Central Asia Resource Ltd, which held all of its assets including the Cholokkaindy exploration licence in the Kyrgyz Republic, which was independently valued as having no worth.
On Wednesday, the company said it has been "very active in reviewing investment opportunities" but said "extremeley volatile" stock markets and energy prices have added a "significant amount of complexity to the work of the team".
However, it said it is "not daunted" by the challenges and believes the downturn presents further opportunities.
Prospex shares were untraded on Wednesday morning, last trading at 2.65 pence per share.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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