News Column

Independent Oil & Gas Loss Widens On AIM Listing Costs

June 6, 2014

Steve McGrath

LONDON (Alliance News) - Independent Oil & Gas PLC Friday said its loss widened in 2013, mainly due to the cost of its initial public offering on AIM and higher finance expenses.

The company reported a net loss of GBP1.0 million, more than double the GBP446,419 loss in 2012, as it booked GBP236,050 in AIM listing costs, GBP358,758 in non-cash provisions for the issue of share options, and as finance expenses rose to GBP174,600, from GBP99,858. It currently doesn't earn any revenue.

Independent Oil and Gas owns 50% of the Blythe gas field in the Southern North Sea, and 50% of the Skipper licence south east of the Shetlands. It joined AIM last September.

Independent Oil & Gas shares were up 1% at 26.25 pence Friday morning.

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Source: Alliance News

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