LONDON (Alliance News) - Prospex Oil and Gas PLC Wednesday said its pretax loss was significantly wider in 2014, a year of little activity for the company, after it booked a number of impairments.
The company, which does not currently generate any revenue, reported a GBP4.6 million pretax loss in 2014, significantly wider than the GBP1.0 million loss in 2013, after Prospex booked GBP3.7 million in impairment charges, something it did not do a year earlier.
Those impairments were related to the licenses it acquired in Kyrgyzstan through the company's acquisition of Central Asian Resources Ltd. The impairments have been booked against a lithium licence in the Uzunbulak region that was deemed a "non-core acquisition" and the Cholokkaindy gold prospecting licence.
"Following the early exploration success in 2012, no further exploration was possible in the Kyrgyz Republic due to local groups holding up the work programmes illegally. Despite pressing the Kyrgyz authorities and threatening legal action against the government to ensure safe access to the area, little progress was made during 2014," said Chief Executive Edward Dawson.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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