LONDON (Alliance News) - Lansdowne Oil & Gas PLC Friday said its losses widened in the first half, as operating expenses more than doubled.
The company posted a pretax loss of GBP759,000 for the six months to June 30, compared with a GBP324,000 loss a year earlier. Lansdowne is yet to record any revenue.
During the period operating expenses increased to GBP750,000 from GBP340,000 a year earlier. Much of the uplift was attributable to foreign exchange movements, the company said. In addition, lower levels of activity in its operated licences resulted in a GBP120,000 reduction in staff costs being capitalised.
Lansdowne said during 2013, Providence Resources launched a farm-out on behalf of the Barryroe partnership and discussions with potential new partners continued throughout the first half of 2014.
"We remain optimistic that these will yield a positive outcome and in August this year Providence confirmed that the process is nearing completion," the company said.
Planning is underway for further drilling at Barryroe in 2015 with a view to reaching first oil by 2018.
The Barryroe Licence is 20% owned by Lansdowne, with the remaining stake held by Providence Resources PLC.
Lansdowne shares were quoted down 1.1% at 11.25 pence Friday morning.
By Anthony Tshibangu; anthonytshibangu@alliancenews.com; @AnthonyAllNews
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