LONDON (Alliance News) - Prospex Oil & Gas PLC on Friday said it is still looking to make further acquisitions whilst it progresses its existing investments, as the company reported a narrower annual loss.
The investment company said its pretax loss in 2015 amounted to GBP502,845 compared to the GBP687,701 loss in 2014 after a rise in administrative costs was offset by lower finance costs and because a loss on financial assets booked in 2014 did not repeat.
Since becoming an investment company on AIM in April, Prospex has reviewed over 20 investment opportunities and has made a number of acquisitions, the most notable of which is a 49% stake in Hutton Poland, which owns the Kolo licence in its namesake country.
On Friday, Prospex said it plans to participate in a well that will be drilled on the Boleshaw prospect in the fourth quarter of 2016, and said the GBP1.6 million equity raise back in May means it can fund that with its existing cash resources.
Prospex is continuing to look for more opportunities, but did not provide any further insight.
Prospex shares were down 3.8% to 1.13 pence per share on Friday morning.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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