LONDON (Alliance News) - Independent Oil & Gas PLC on Thursday reported a widened loss in the first half of 2018 due to both administrative and finance expenses.
For the six months to June 30 the oil and gas company's loss was GBP2.6 million, significantly wider than its GBP1.4 million loss the year before.
Most notable in this change was that Independent O&G, which focuses on its southern North Sea interests, saw finance expenses more than double to GBP1.4 million from GBP663,000.
In addition, the company's total administration and other expenses reached GBP1.2 million from GBP750,000 the year before.
"We have made excellent progress in the first half of this year as we focus our efforts on realising the potential of our southern North Sea gas hubs. The completion of the acquisition of the Thames Pipeline transforms the viability of this project providing a stable export route for our gas straight to the currently import-dependent UK market," said Independent O&G Chief Executive Andrew Hockey.
"We are also pleased to have been successful in the 30th UK continental shelf licensing round where our targeted approach resulted in the award of all three licences for which we applied, adding significant resources to our portfolio," Hockey added.
Shares in Independent O&G were down 0.5% at 32.60 pence on Thursday.