The oil and gas exploration company, which is yet to produce any revenues, said its pretax loss narrowed to
The company said the majority of its improved finances came from lower operating losses due to 17% lower employee benefit expenses, 44% lower depreciation expenses and 16% lower other expenses during the period.
The news comes weeks after the company announced that it had appointed former BP PLC director
These changes - along with lower drill costs expected for the area, a government mandate to proceed with exploration drilling, and a term extension for the five licences held by the company - demonstrate positive developments for the oil and gas junior, it said at the time.
The company also said it maintained strong cash balances of
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