Empyrean Energy PLC - Western Australia-based oil & gas explorer and producer with assets in China, Indonesia and US - Posts pretax loss of $24.1 million in the half-year ended September 30, widened significantly from just $452,000 a year before. Total administrative expenses surge to $22.2 million from $429,000. No revenue is recorded in either year.

‘It has been a challenging year for the company following the disappointing Jade well result but the company remains committed to working through these challenges,’ says Non-Executive Chair Patrick Cross.

Looking ahead, it says it has began the second phases of exploration with the aim to drill the Topaz prospect before June 2024.

Current stock price: 0.72 pence, down 10% on Tuesday in London

12-month change: down 88%

Copyright 2022 Alliance News Ltd. All Rights Reserved.