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(Alliance News) - Oil & gas investment firm Reabold Resources PLC on Friday reported a widened interim loss on exploration and impairment costs but said it made "significant" progress during the period.
Revenue for the six months to June 30 came in at GBP390,000, versus none in the first half of last year, and Reabold's pretax loss widened to GBP1.7 million from GBP746,000.
Exploration costs amounted to GBP189,000, against none reported this time last year and it incurred an impairment charge of GBP147,000. The impairment was related to a write-down of an investment in the Wick well located in the Moray Firth prospect, offshore Scotland.
Reabold said: "Whilst we were disappointed with this result, the Wick well was considered to be the highest risk prospect in our portfolio and not representative of the typical Reabold appraisal target.
"The reporting period has seen significant progression in the company's investment portfolio. In less than a year, Reabold has taken part in seven high-impact wells, the most recent of which being the potentially transformative West Newton A-2 appraisal well."
So far in 2019, Reabold has invested GBP750,000 to increase its stake in UK private firm Corallian Energy Ltd to 35% from 33%. Corallian was awarded five new licences by the UK Oil & Gas Authority during the period.
It also has a 38% stake in UK-based Danube Petroleum and a 36% interest in Rathlin Energy (UK) Ltd.
Reabold has assets in California, through its subsidiary Gaelic Resources Ltd, including the Monroe Swell licence area where it drilled in two wells to earn a 50% equity interest.
Chair Jeremy Edleman said: "We are highly encouraged by the success we have had so far in the implementation of our strategy to invest in low-risk, high impact, upstream oil and gas projects.
"With a portfolio that contains interests in the Danube, Corallian and Rathlin prospects and the further drilling programmes in California following the success in the US to date, together with a number of other projects currently under review, the board is confident that its shareholders can look forward to an exciting remainder of 2019 and beyond."
Shares in Reabold were 3.3% higher at 1.24 pence each in London on Friday afternoon.
By Eric Cunha; ericcunha@alliancenews.com
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