LONDON (Alliance News) - Solo Oil PLC Wednesday said its pretax losses narrowed in its first half due to a one-off cost increasing the previous-year loss. Administrative expenses were flat.
The global exploration and development oil company said that its pretax losses narrowed to GBP425,000 from GBP532,000 for the six months ended June 30.
The company, which is yet to record any revenues, said that its administrative expenses were largely flat, falling to GBP425,000 from GBP432,000 during the period.
The improvement on the company's comparable losses is largely due to a one-off finance expense of GBP100,000 that the company incurred in the 2012 half.
Solo Oil said it is continuing to focus on its investment strategy and was granted a two-year appraisal programme in Tanzania and acquired a 15% interest in Pan Minerals, an onshore West African oil company, during the period.
Solo Oil PLC shares were down 7.1% to 0.311 pence in morning trading Wednesday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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