- Oil company Sterling Energy booked a first-half loss as it continued to develop prospects in Africa and the Middle East.

Pre-tax losses for the six months through June amounted to $0.87m, compared to losses of $0.60m on-year.

Sterling said it continued to assist with the progression of technical work assessing the Odewayne block in Somaliland.

Cash resources at the end of June were $43.8m, up from $45.5m on-year.

Sterling said it remained well financed and was positioned to take advantage of acquisition opportunities during current testing market conditions.

'Our ability to filter opportunities quickly in a congested market, combined with the leverage our cash balance allows, provides confidence that we can secure a deal,' the company said.

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