Empyrean Energy PLC - Western Australia-based oil & gas explorer and producer with assets in China, Indonesia and US - Posts pretax loss of USD24.1 million in the half-year ended September 30, widened significantly from just USD452,000 a year before. Total administrative expenses surge to USD22.2 million from USD429,000. No revenue is recorded in either year.
"It has been a challenging year for the company following the disappointing Jade well result but the company remains committed to working through these challenges," says Non-Executive Chair Patrick Cross.
Looking ahead, it says it has began the second phases of exploration with the aim to drill the Topaz prospect before June 2024.
Current stock price: 0.72 pence, down 10% on Tuesday in London
12-month change: down 88%
By Xindi Wei, Alliance News reporter
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Empyrean (EME)