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Oil and gas producer Columbus slashed half-yearly losses on lower costs as the company prepared to drill an exploration well in the South West Peninsula in the second half of the year.
For the six month period ending 30 June 2019, pre-tax losses narrowed 30% to £1.7m from a year earlier, driven by cost efficiencies and reductions in group administrative costs and exceptional costs in Spain, the company said.
Revenue fell 6% to £3.4m mainly due to lower average oil price achieved, the company added.
Average production in the half rose to 561 barrels of oil per day (bopd) with production peaking at 1,019 bopd in February 2019, above the 485 bopd seen last year, with peak production of 648 bopd.
'The company expects to bring to fruition a number of projects, in particular the drilling of an exploration well in the South West Peninsula, the commencement of the Inniss-Trinity CO₂ project and announcement of a new country entry. We look forward to an exciting second half of 2019,' the company said.
At 9:42am: (LON:CERP) Columbus Energy Resources Plc Ord 0.05p share price was +0.08p at 3.38p