(Alliance News) - Anglo African Oil & Gas PLC on Friday said it loss widened in the first half of 2019 due to an increase in its operating expenses.
The exploration and development company said its pretax loss widened to GBP2.5 million in the six months to the end of June compared to GBP2.2 million reported a year earlier, as revenue rose to GBP173,524 from GBP106,378.
Anglo African reported an increase in administrative expenses to GBP2.1 million from GBP1.6 million year-on-year.
The loss for the half-year reflects the significant costs that the company has incurred in building the team to capitalise on the opportunity presented by TLP-103C well on the Tilapia licence in the Republic of the Congo, in which Anglo African has a 56% interest.
The company said it also incurred costs during the period relating to the preparation for its negotiations for the new licence, the legal dispute, and the aborted reverse take-over involving assets in Tunisia.
"We expect the second half of the year to show a significant reduction in non-standard operational expenditure," said Chief Executive James Berwick.
"I share the enthusiasm of our experienced team for the Tilapia project and I look forward to delivering a result for shareholders that will reward their patience and their investment," added Berwick.
Anglo African shares were trading 1.1% higher in London on Friday at 3.18 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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