Exploration costs broaden Empyrean's losses

25th May 2011 16:11

Oil and gas outfit Empyrean Energy saw losses broaden last year but revenue is growing fast, albeit from a low base.Revenue for the year ended 31 March surged to £0.81m from £0.31m the year before, while losses before tax expanded to £5.43m from £4.27m.Net exploration costs for the year rose to £4.37m from £4.42m a year earlier. The company has not declared a dividend.---jh