News Column

San Leon Swings To Pretax Loss On Impairment Charge

June 30, 2014

Tom McIvor

LONDON (Alliance News) - San Leon Energy PLC Monday said it swung to a pretax loss in 2013 due to lower revenues, increased expenses and a significant impairment charge.

The oil and gas production company, with operations in Europe and North America, posted a pretax loss of EUR13.7 million, compared to a slim pretax profit of EUR72,339 in 2012.

The company said revenue fell to EUR3,013 from EUR333,146, administrative expenses increased significantly, and it took a USD7.0 million impairment charge to write-off exploration costs.

The company is currently developing fracking activities in the Baltic Basin of Poland, as a major planned acquisition of a 75% stake in Alpay Enerji in Turkey, which was announced in September, fell through earlier in 2014.

"As a whole, 2013 has been a challenging year, not only for San Leon but for many small exploration and production companies. Nevertheless, despite tough market conditions San Leon has made considerable progress - we became the largest shale gas player in Europe by acreage, complemented by a sizeable conventional and tight gas portfolio, and the company is now poised to move from exploration to production," Executive Chairman Oisin Fanning said in a statement.

San Leon shares were down 2.0% to 2.01 pence on Monday.

For more stories on investments and markets, please see HispanicBusiness' Finance Channel

Source: Alliance News

Story Tools Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters