(Alliance News) - Curzon Energy PLC on Friday reported a widened first half loss as expenses rose and foreign exchange gains fell.
In the six months to June 30, the company's pretax loss widened to USD583,867 from USD530,990 from the first half of 2018.
Administrative expenses rose by 12% to USD571,292 from USD511,950 but last year's costs did not include USD269,532 in listing fees. Without such costs, first half expenses would have totalled USD301,760, representing a 41% year-on-year reduction.
Curzon said the accounts "demonstrate the progress made in the company's cost-reduction efforts over the past year".
Looking ahead, Curzon said it will focus on "maximising value" in its Coos Bay coal bed methane project in Oregon, US.
In Texas, the company's aim is to progress a potential deal to acquire a stake in a Pared Energy LLC gas project.
Chief Executive Scott Kaintz added: "Additionally, the company continues to assess additional oil and gas opportunities on an ongoing basis. While progress to date has largely occurred behind the scenes, we look forward to delivering on such initiatives in the near term."
Shares in Curzon were untraded in London on Friday morning, last quoted at 1.00 pence each.
By Eric Cunha; ericcunha@alliancenews.com
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Curzon Energy (CZN)