Lekoil Pretax Loss Widens On Development

LONDON (Alliance News) - Lekoil Limited Monday said its pretax loss significantly widened in its first half as it develops towards first production.

The oil and gas exploration company with operations in West Africa, said its pretax loss widened to USD4.0 million from USD1.2 million for the six months to June 30.

Lekoil is yet to post any revenues.

The company increased its administrative expenses to USD4.0 million from USD1.3 million as the company actively pursued the the acquisition of a 6.502% interest in an offshore Nigeria site.

Lekoil said it believes it will be able to access capital to fund the proposed acquisition and any capital expenditure related to the buy.

Lekoil shares were down 1.8% to 41.00 pence Monday.

By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1

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