LONDON (Alliance News) - Lansdowne Oil & Gas PLC on Thursday said its pretax loss narrowed in the first half and said its remains confident in the potential of its portfolio despite the tough conditions in oil and gas markets.
The group's pretax loss narrowed to GBP550,000 in the half, from GBP759,000 a year earlier, in line with cost reductions. The group produces no revenue.
The company, which focuses on the North Celtic Basin off Ireland's south coast, plugged and abandoned during the half the Midleton exploration well, in which it holds a 20% stake.
It said that despite the challenging conditions in the oil and gas market, it remains confident in its portfolio and continues to believe it will deliver robust returns even within the low oil price environment.
Lansdowne shares were up 25% to 2.5 pence on Thursday morning. Shares in SeaEnergy PLC, which holds an 18.67% interest in Lansdowne, were flat at 5.75p.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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Lansdowne Oil (LOGP)