Alba Mineral Resources pre-tax loss widens in first half

Alba Mineral Resources reported a widening of its pre-tax loss for the first half, as it said it continues to look for investment opportunities.

The company, which generates no revenue, posted a pre-tax loss of £232,594, which was bigger than the £65,835 in the same period last year, as administrative expenses rose.

Alba owns a 10% direct interest in Horse Hill Developments, which owns a 65% stake in the oil prospect located near Gatwick airport.

Alba said it will continue to develop a portfolio of well-researched, promising and prospective exploration properties within the natural resources sector that will be pursued further, either in the group's own right or in conjunction with other parties.

Chairman George Frangeskides said: “The positive developments in relation to Horse Hill over the past several months - notably the publication of independent reports by Schlumberger and Nutech and the extension granted in respect of PEDL 137 - have provided further justification for Alba's decision to invest further into Horse Hill in April.”

The company said that aside from Horse Hill, it continues to assess its projects in Mauritania and Ireland and is actively considering other projects and investment opportunities which may bolster its portfolio of assets and provide further value for its shareholders.

At 1121 BST, shares in Alba were down 0.6% at 0.45p.