Feb 12 - British oil and gas explorer Encore Oil Plc (EO.L) reported a narrower first-half loss helped by a gain from the sale of its Dutch unit.
For the six months ended Dec. 31, the company reported a pretax loss of 167,693 pounds ($240,000), compared with a loss of 1.52 million pounds a year earlier.
The results included a gain of 1.15 million pounds from the sale of its EnCore Oil Nederland B.V. unit in September, the company said.
The company expects production revenue from the Ceres field at UK Continental Shelf block in mid-2009, and potentially from Kirkleatham in the Cleveland basin by the end of the year.
Encore said it had a cash balance of 12.0 million pounds at Dec. 31, without any debt, adding that it was adequately funded for the foreseeable future.
Encore shares closed at 8.18 pence on Wednesday.
For the six months ended Dec. 31, the company reported a pretax loss of 167,693 pounds ($240,000), compared with a loss of 1.52 million pounds a year earlier.
The results included a gain of 1.15 million pounds from the sale of its EnCore Oil Nederland B.V. unit in September, the company said.
The company expects production revenue from the Ceres field at UK Continental Shelf block in mid-2009, and potentially from Kirkleatham in the Cleveland basin by the end of the year.
Encore said it had a cash balance of 12.0 million pounds at Dec. 31, without any debt, adding that it was adequately funded for the foreseeable future.
Encore shares closed at 8.18 pence on Wednesday.
