LONDON (Alliance News) - Spitfire Oil Ltd Monday said its pretax loss narrowed in its first-half as lower corporate expenses offset falls in income as the company awaits a better climate to develop its Salmon Gums Lignite Project in Western Australia.
The junior oil and gas exploration company posted a pretax loss of AUD116,964 for the six months ended December 31, 2013 from AUD182,907 in 2012.
The company's income fell to AUD84,782 from AUD122,584 the previous year as it kept its Salmon Gums Lignite project on hold while the market is difficult and the company attempts to make an acquisition.
Spitfire offset its falls in income by lowering its corporate expenses 38% to AUD177,146 from AUD284,001 in 2012.
The company added that it continues to investigate and evaluate numerous acquisition opportunities to improve the company's situation.
"The vast majority of these opportunities fail to meet the economic hurdles set by the company," Chairman Mladen Ninkov said in a statement. "But the company continues to evaluate the numerous opportunities as they continue to come forward with the hope that 2014 will bring a successful outcome."
Spitfire shares were untraded at 5.50 pence Monday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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