(Alliance News) - Longboat Energy PLC on Thursday reported that its annual loss widened on impairments and higher costs in 2023, as the group again generated no revenue.
Shares in Longboat fell 18% to 18.56 pence each in London on Thursday morning.
The exploration and production company, with operations in Norway and Malaysia, said pretax loss widened to GBP9.3 million in 2023 from GBP2.6 million the year before.
This was driven by an impairment of GBP2.6 million and administrative expenses of GBP4.3 million.
Longboat generated no revenue for the year, unchanged from 2022.
Looking ahead, Longboat said It is "actively pursuing" opportunities in Norway to deliver material production volumes.
It also said that the Lotus exploration well in Norway, where Longboat retains a 15% interest, is expected to spud in the third quarter of the year.
Chief Executive Officer Helge Hammer said: "Our strategy remains unchanged and in 2024, we seek to build cashflow generating [exploration and production] portfolios in both Norway and Southeast Asia with the full confidence that we will deliver considerable growth and create substantial shareholder value."
By Sabrina Penty, Alliance News reporter
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Longboat Energy (LBE)