StockMarketWire.com - Exploration and production company Longboat Energy reported wider first-half losses as higher costs weighed on the bottom line.

For the period to 30 June 2021, pre-tax losses widened to $1.5 million from £1.1 million year-on-year.

Administrative cost rose to £1.5 million from £1.1 million.

Looking ahead, the company said it expects to be drilling three wells over the next few weeks with the Rodhette and Egyptian Vulture wells already under way and Mugnetind expected to spud shortly.

Drill results from these first three wells were expected before the end of the year and had the 'potential to create significant shareholder value,' the company said.




Story provided by StockMarketWire.com