Predator Oil & Gas first-half loss widens
Predator Oil & Gas's first-half loss widened as costs rose but the company said it was in a strong position with more cash available.
The oil and gas explorer's pretax loss for the six months to the end of June was £512,263 compared with £305,460 a year earlier. Administrative costs rose to £472,273 from £305,865.
The company said its losses had reduced compared with a full-year loss for 2018 of £793,473. Cash at the end of the first half was £0.728m plus £1.18m in restricted cash compared with £1.33m cash at the end of 2018.
In March the company won the licence to explore the Guercif Moulouya prospect in Morocco. It said Ireland could offer merger and acquisition opportunities after Brexit as security of energy supply becomes more important.
Paul Griffiths, Predator's chief executive, said: "During the reporting period losses have been reduced and cash and restricted cash increased whilst adding the potentially transformational for the Company Moulouya_1 Prospect in Morocco. We excitedly await the early turn of the drillbit."