News Oil & Gas

Tullow records $110m loss and significant achievements

Tullow Oil plc swung to a loss driven by impairments and write-offs totalling $435 million from its operations. VALUE Full year results ending 31 December 2023 showed loss from continuing activities of $110m compared with a $49m profit in 2022. The group wrote off exploration costs of $27m (2022: $105 million) mainly in Kenya following withdrawal of the JV partners. A re-assessment […]

Finance Metals & Minerals News

Power Metal losses widen and cash held decreases

Power Metal Resources plc has widened its losses by more than £1 million while it continues to identify new opportunities in the natural resources sector. VALUE The company’s various polymetallic assets, interests and joint ventures are located in Africa, Australia, Canada and the United States. Full year results to 30 September 2023 show total comprehensive […]

Metals & Minerals News

Karelian swings to a loss in ‘significant’ year

Karelian Diamond Resources plc swung to a loss during the last financial year at its projects in East Finland and Northern Ireland. EXPENDITURE The company is exploring for diamonds on the Lahtojoki deposit in the Kuopio – Kaavi region and in the Kuhmo region as well as for nickel, copper and platinum group elements in […]

Metals & Minerals News

Altona losses rise in ‘transformational year’

Altona Rare Earths plc’s losses widened during a transformational year at its Monte Muambe rare earths project in northwest Mozambique. FINANCES Results for the year ended 30 June showed a loss of £1.3 million (2022: £800,000) while the company said it was focused on keeping administration costs to a minimum. The group’s total assets increased to […]

News Oil & Gas

Europa profits rise despite low oil prices and weak pound

Profits rose more than 50% during a year of “significant” operational and financial progress for Europa Oil & Gas (Holdings) plc. WRESSLE Results ended 31 July 2023 show stable revenue of £6.7 million “despite a lower oil price and weaker pound” (2022: £6.6m). Gross profit increased by 53% to £3.4m (2022: £2.2m) with pre-tax loss […]

News Oil & Gas

Reabold ‘encouraged by progress’

Reabold Resources plc held a strong balance sheet despite recording an increase in losses from its onshore Californian interests. FINANCES Half year 2023 results showed group loss of £3.65m (H1 2022: loss of £2.72m) with no revenue generated or costs incurred. Losses increased mainly from a £1.2 million decline in market value of its Daybreak […]