Lansdowne Oil & Gas posts a loss after tax of £0.52 million for the six months to the end of June compared to a loss of £0.55 million for the first six months of 2015.
Group operating expenses for the first half of 2016 were £0.42 million compared to operating expenses of £0.51 million for the first six months of 2015.
Net finance expense was £0.1 million for the current period against net finance expense of £0.04 million for the first six months of 2015.
Cash balances at 30 June 2016 were £0.83 million (31 December 2015: £0.32 million).
Total equity attributable to the ordinary shareholders of the Group has decreased from £24.87 million as at 30 June 2015 to £12.89 million as at 30 June 2016.
First half highlights include:
- In the second quarter of 2016, the Company secured an additional £2.1 million of funding by way of a placing in order to meet an additional liability arising from the Transocean Court Case relating to the drilling of the Barryroe appraisal well in 2012.
- At the same time, a portion of the LC Capital Master Fund loan was converted into equity, the remaining loan extended to end June 2017 and the interest rate reduced
- In addition, the Company put in place an option, with Brandon Hill Capital, to provide additional finance to the sum of £500,000. Exercise of the option is conditional upon the Company being required to reimburse Providence Resources in respect of further costs associated with the Transocean Dispute.
- Action was also taken to further reduce overhead costs
(LON:LOGP) Lansdowne Oil Gas PLC share price was 0p at 1.15p