Bowleven PLC - Africa-focused oil and gas exploration firm - Pretax loss for financial year to June 30 comes in at USD2.6 million, sharply narrowed from USD66.6 million the year before. No revenue recorded in either year.
Company took impairment of USD62.0 million in the 2019 financial year, a charge that was not repeated in the 2020 year. Further, administrative expenses in the 2020 financial year fall to USD3.3 million from USD5.0 million.
"Our focus in 2021 will be to work with all of our stakeholders to ensure FID is achieved and underpinned by a compelling development plan, which is suitably robust to secure future capex funding. This combined with a disciplined approach to capital management will ensure that we are able to deliver maximum value for the company's shareholders," says Chief Executive Eli Chahin.
Current stock price: 4.06 pence
Year-to-date change: down 38%
By Lucy Heming;Â lucyheming@alliancenews.com
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Bowleven (BLVN)