(Alliance News) - Oil & gas exploration firm i3 Energy PLC said Tuesday its interim loss deepened sharply after costs surged, as it prepared to undertake a "transformative" drilling programme.
For the six months ended June, pretax loss deepened to GBP4.4 million from GBP179,804 the year prior. i3 generated no revenue in either year.
Profit performance was hurt by a surge in costs. Administrative costs more than quadrupled to GBP3.0 million from GBP622,012 a year before, with finance fees multiplying to GBP1.2 million from GBP5,610 the year prior.
"The first six months of 2019 was an incredibly active period for i3 as we financed and prepared for a potentially transformative drilling programme while progressing commercial and regulatory work scopes to advance our planned development of the Liberator field," i3 Chief Executive Officer Majid Shafiq said.
"Though we were disappointed to have missed the targeted upper Captain sands with our first well 13/23c-9, our post-drill analysis incorporating data from the well confirms our view that Liberator is a material asset and the company remains excited about Serenity and Liberator West where the majority of our on-block resources are mapped", Shafiq added.
"We look forward to updating our shareholders after we have completed our analysis of the 13/23c-9 well and revised mapping of Liberator and as we obtain results from our ongoing drilling campaign", Shafiq continued.
Shares in i3 were 5.4% lower at 21.00 pence in London on Tuesday.
By Ahren Lester; ahrenlester@alliancenews.com
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I3 Energy (I3E)