LONDON (Alliance News) - Solo Oil PLC Tuesday said it widened its pretax loss for the 18 months ending December 31 compared to the previous year as increased administrative expenses and impairment charges hit the company.
The oil and gas exploration and production company with assets in the US, Europe and Africa said its pretax loss for the eighteen months was GBP3.1 million, up from the GBP1.0 million reported the previous year.
The company, which is yet to produce any revenues said its administrative expenses increased to GBP1.5 million from GBP917,000 during the period.
Solo Oil added that it was hit by a significant GBP1.7 million impairment charge after the company carried out a review which found it had to make an impairment on its 28.56% working interest in Reef Resources Ltd's Ontario properties.
In March, the company announced that a seismic programme is now underway in south-east Tanzania which is required to assist in the selection of future drilling locations at its onshore Ntorya gas-condensate discovery.
The Ntorya-1 well was tested over an initial 3.5 metre sand interval at a rate 20.1 million cubic feet per day, equivalent to 3,350 barrels of oil per day, with an estimated additional 140 barrels per day of 48 degrees API condensate.
Solo Oil shares were trading flat at 0.170 pence Tuesday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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