Aug 18 - Canadian oil and gas company Sterling Resources Ltd (SLG.V) posted a wider quarterly loss, hurt by interest expense on secured notes and lower interest income.
For the second quarter, the company reported a net loss of C$1.7 million, or 1 Canadian cent per share, compared with C$1.0 million, or 1 Canadian cent per share, a year earlier.
Analysts were expecting the company to post a loss of 1 Canadian cent a share, before special items, according to Reuters Estimates.
Sterling Resources, which has assets in the UK, Romania and France, said three onshore shallow gas wells are planned to be drilled at Craiova in Romania, from the fourth quarter.
The company had cash and cash equivalents of C$12.1 million, while its net working capital deficiency was $3.7 million, at June 30.
Shares of the Calgary, Alberta-based company closed at C$1.60 Tuesday on the Toronto Venture Exchange.
For the second quarter, the company reported a net loss of C$1.7 million, or 1 Canadian cent per share, compared with C$1.0 million, or 1 Canadian cent per share, a year earlier.
Analysts were expecting the company to post a loss of 1 Canadian cent a share, before special items, according to Reuters Estimates.
Sterling Resources, which has assets in the UK, Romania and France, said three onshore shallow gas wells are planned to be drilled at Craiova in Romania, from the fourth quarter.
The company had cash and cash equivalents of C$12.1 million, while its net working capital deficiency was $3.7 million, at June 30.
Shares of the Calgary, Alberta-based company closed at C$1.60 Tuesday on the Toronto Venture Exchange.
