StockMarketWire.com - Oil company Reabold Resources posted a narrower first-half loss on the back of higher revenue and lower exploration expenses.

Pre-tax losses for the six months through June amounted to £0.51m, compared to losses of £1.70m on-year. Revenue rose to £0.57m, up from £0.39m.

Reabold said that site works had commenced for the drilling of the West Newton B-1 well in Yorkshire, with an A-2 well test planned to begin following completion B-1.

It also touted an additional commercial discovery on the West Brentwood licence in California.

'We are highly encouraged by the success we have had so far in the implementation of our strategy to invest in low-risk, high impact, upstream oil and gas projects,' chairman Jeremy Edelman said.

'With a portfolio that contains interests in the Danube, Corallian and Rathlin prospects, all of which had appraisal campaign drilling in 2019, and the further drilling programmes in California following the success in the US to date, together with a number of other projects currently under review, the board is confident that its shareholders can look forward to an exciting 2020 and beyond.'


At 9:42am: [LON:RBD] Reabold Resources Plc share price was +0.01p at 0.58p



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