StockMarketWire.com - Independent Oil and Gas has reported a post-tax loss of £1.41m for the six months to the end of June compared with £1.06m last time and £21.44m for full year 2016.

It said the loss included charges of £0.31m for other administration expenses (1H 2016 - £0.61m), project and pre-acquisition expenses of £0.55m (1H 2016 - £0.17m), an exchange gain of £0.14m (1H 2016 - £0.16m loss) and finance expenses of £0.66m (1H 2016 - £0.12m).

IOG said the increase in project and pre-acquisition expenses reflected higher levels of new business and project activity.

Full year 2016 results included a £20.01m net impairment of oil and gas properties, including the full write down of the Skipper asset.

It said the exchange gain of £0.14m for the current period, compared with a loss of £0.16m a year ago, reflected fluctuations in exchange rates for US$ denominated trade and loan creditors.

Chief executive and interim executive chairman Mark Routh said: 'We made excellent progress in the first half of this year as we focus our efforts on realising the potential of our Southern North Sea gas hubs.

'The acquisition of the Thames pipeline truly transforms the viability of this project as it can provide a stable export route for our gas straight to the currently undersupplied UK market.

'We are delighted with the progress we are making with industry partners on funding this project into production and look forward to making further updates in due course.'




At 9:14am: [LON:IOG] Independent Oil Gas PLC share price was -1p at 15.25p



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