News Oil & Gas

Beacon losses increase at Erfelden

Beacon Energy plc resumed trading following publication today of its annual audited accounts for its operations in the Erfelden field in Hessen, onshore Germany. POTENTIAL Comprehensive loss for 2023 totalled $3.7 million (May – December 2022: $1m) while cash and equivalents increased to $4.8m by year end. Continued cost reductions, due to be fully implemented […]

News Oil & Gas

Borders makes ‘key changes’ as cash decreases

Borders & Southern Petroleum plc posted a decrease of £1 million in cash as it continues to seek a farm-in partner for its three production licences in the South Falkland Basin. APPRAISAL Interim results show the company held cash of $756,000 as at 30 June (June 2023: $2.41m and December 2023: $1.9m). Operating loss for the […]

News Oil & Gas

United swings to $20m loss

United Oil & Gas plc’s swung to a post-tax loss of $20.4 million while profits halved during a “transitional” 2023. OPPORTUNITIES The company’s “challenging” year was marked by aborted talks on selling its 22% interest in Abu Sennan onshore Egypt, leading to an $3.8m default notice and withdrawal from the licence. United also exited central […]

Metals & Minerals News

Galantas Gold halves net losses

Galantas Gold Corp has halved its net losses while it still has to post a commercial revenue from the Cavanacaw mine in Omagh, County Tyrone. FINANCES Net loss for the year ended 2023 totalled approximately CA$8.6 million compared with $16.7m the previous year. The Canadian company recorded an impairment of $3.6m (2022: $10m) along with […]