Beacon Energy PLC on Monday released half-year results and full-year results as it remained convinced that Erfelden in Germany is a potentially highly valuable oil discovery.
The oil & gas company with a portfolio of onshore German assets said pretax loss narrowed to $2.1 million in the first half of 2024 from $2.5 million a year ago.
Total income rose to $667,000 from $315,000. Operating expenses increased to $1.7 million from $448,000.
Further on Monday, the company announced that pretax loss widened to $3.5 million in 2023, compared to $1.1 million in the eight months to December 31, 2022.
The company reported $972,000 total income compared to none. Operating costs were $3.6 million versus none.
Looking ahead, Chair Mark Rollins said: ‘Even with the challenges we have experienced, the board remains convinced that Erfelden is a material and potentially highly valuable onshore oil discovery, with best estimated recoverable reserves of 7.2 million barrels.’
Stocks resumed trading after the publications of the results, up 12% at below 0.01 pence per share on Monday afternoon in London.
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