LONDON (Alliance News) - Lansdowne Oil & Gas PLC on Friday reported a widened interim loss as it prepares to drill in the Barryroe field in Ireland.
Shares in the upstream oil & gas company were trading down 5.9% at 1.60 pence each.
For the six months ended June 30, the Irish-focused exploration company posted a GBP156,000 loss compared to GBP144,000 a year ago, on the back of higher administrative expenses of GBP99,000 from GBP87,000. Meanwhile finance costs were flat year-on-year at GBP57,000.
As it is an exploration not production company, Lansdowne did not generate any revenue.
On Thursday, Lansdowne, whose subsidiary Lansdowne Celtic Sea Ltd is a partner in the Barryroe field, had noted Providence Resources PLC's farm-out agreement which assigns a 50% stake in the Barryroe field to APEC Energy Enterprises Ltd.
Following the signing of the agreement Lansdowne expects drilling of the multi-well programme to commence in the second quarter of 2019.
"We are delighted with the finalising of the Barryroe farm-out agreement with APEC, and we look forward to the commencement of the multi-well drilling programme. This exciting programme will delineate the full field potential of Barryroe and is anticipated to lead to development sanction," the company said.