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(Alliance News) - Predator Oil & Gas PLC on Friday reported a widened interim loss on higher administrative and finance costs, as it continued to progress the development of its assets.
For the six months to the end of June, the oil & gas company reported a pretax loss of GBP512,263 versus GBP305,460 the year before.
This was on administrative expenses, that rose to GBP472,273 from GBP305,865, and finance expenses of GBP39,990 compared to none the prior year.
During the period, Predator completed the signing of the Guercif Petroleum agreement and association contract with the National Bureau of Petroleum and Mines in Morocco in March, covering an area of 7,269 square kilometres.
The agreed work programme includes the drilling of one well to a maximum depth of 2,000 metes in the initial period of the exclusive licence, which has a duration of 20 months.
In April, Predator was granted extended licensing option 16/30 offshore Ireland to November 30, for a work programme agreed with the Department of Communications, Climate Action & Environment.
For the Ram Head gas discovery, a new Competent Persons Report confirmed that the original prospective gas resources net to Predator was in the range of 725.5 to 1,826.6 billion cubic feet.
"Multiple prospects and leads have been identified in the area of the Guercif PA to ensure that there is significant "running room" in this sparsely drilled prospective area. The Directors look forward to significant news flow and an exciting time for its shareholders during the next 6 months as it continues with plans to drill the Moulouya-1 prospect and progress to production in Trinidad," said Chief Executive Paul Griffiths.
"Ireland too could potentially offer some exciting medium-term M&A opportunities as security of energy supply becomes potentially of even greater significance if Brexit is successfully completed," Griffiths added.
Shares in Predator Oil & Gas were down 1.7% at 4.2 pence on Friday.