LONDON (Alliance News) - Rockhopper Exploration PLC said Wednesday it will focus of cost control after posting a widened interim loss.
For the six months to June 30, the oil & gas exploration and production company suffered a pretax loss of USD7.4 million compared to USD7.0 million a year prior.
Revenue increased marginally to USD5.2 million from USD5.1 million. However, higher exploration costs and share-based payments charges resulted in a widened loss.
First-half working interest production averaged 1,100 barrels of oil equivalent per day, a small reduction from the comparable period a year earlier of 1,170 boepd.
Looking ahead, the company said it expects its annual balance sheet cash to be in excess of USD30 million, providing "continued strength".
Chairman David McManus said: "Notwithstanding the increased activity and spend on Sea Lion, the company continues its ongoing focus on cost control and has maintained a strong balance sheet with cash resources at mid 2018 of USD46 million and no debt." Sea Lion is an oil field being developed by Rockhopper and its partners offshore the Falkland Islands.
Rockhopper Exploration shares were trading up 5.8% at 35.97 pence each.
Rockhopper (RKH)