Zenith Energy Ltd - Africa and Italy-focused oil and gas company - Swings to a pretax loss of CAD1.9 million, or GBP1.1 million in the six months ended September 30 from CAD259,000 profit a year prior.
This is mainly due to a 62% increase in administrative expenses to CAD8.1 million from CAD5.0 million the year before. Revenue drops 88% to CAD1.4 million from CAD11.5 million the year before. Looking ahead, Chief Executive Officer Andrea Cattaneo says: "We are greatly encouraged by the current energy pricing environment and the outlook in terms of growth potential for credible junior operators, enabling Zenith to access large, high-quality assets being divested by oil and gas majors in view of the ongoing energy transition."
Current stock price: 2.70 pence, down 8.5%
12-month change: down 65%
By Sabrina Penty, Alliance News reporter
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Zenith Energy (ZEN)