LONDON (Alliance News) - AIM-listed Mayan Energy Ltd Friday said it expects to see an improved second half as it reported a narrowed pretax loss for the first half of 2016.
The company reported a pretax loss of USD1.3 million for the half year to the end of June, narrowed from a pretax loss of USD2.1 million the year before, as revenue slipped to USD50,000 from USD349,000, but was offset by lower administrative costs.
Mayan Energy noted that, after almost a year and a half of decline, oil prices stabilised during the first half, and as a result it turned its focus on to how to achieve profitability.
In the US, Mayan Energy initiated production at its Shoats Creek development. The company said it has continued to implement further steps to improve its operational and financial performance in the US, and it is taking steps to begin the sale of non-core assets. The benefit of these steps is expected to lead to an improved second half and beyond, it said.
"With Shoats now looking like it is on a good track, I am also committed to monetizing our other 'non-core' US assets. Also, with the benefit of more capital in hand, I am personally going to revitalise the development of our initiatives in Mexico. It is not going to be easy, but I am excited about it. I think we got a good team now, and a clear plan. In my opinion, the future is now beginning to look much brighter," said Chief Executive Officer Eddie Gonzalez.
Shares in Mayan Energy were up 4.6% at 0.0136 pence Friday.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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