Lansdowne Oil & Gas widens losses in first half

19th Sep 2014 13:05

Lansdowne Oil & Gas (LOGP) widened its first half loss as operating expenses increased significantly.The Irish upstream oil and gas company reported a loss before tax of £746,000, compared to £342,000 the previous year.Operating expenses rose to £0.75m from £0.34m, mainly due to foreign exchange movements, which created a loss of £0.12m in 2014 versus a gain of £0.15m in 2013.Cash balances fell to £1.1m at the end of June 2014 from £4.55m at the end of June 2013.The group has recently concentrated its operations on exploration and appraisal activities in Barryroe, an oil and gas field discovered in the North Celtic Sea Basin, near Ireland's south coast.Providence Resources continued farm-out negotiations on behalf of the Barryroe partnership and recently confirmed that the process is "nearing completion"."The next phase of activity, which requires a satisfactory conclusion to our farm-out processes, will be a new drilling campaign and we remain focused on delivering this in 2015," Lansdowne said.Shareprice decreased by 1.10% as of 12:10 Friday.