AIM-listed exploration company Island Oil & Gas has reported a narrowing of losses for the six months to the end of January. Losses for the six months came to £33,000 sterling, compared to £545,000 the same time the previous year.
Revenues rose to £476,000 from increased gas sales. Last December, the company raised £8.31m by way of a private placing. Another £4.15m will be received in April if all of the warrants associated with the placing are exercised.
The company described the six month period as an 'extremely busy' time for it as it gears up for a three well drilling programme, starting in the second quarter of this year. Wells are planned at the Seven Heads field and the Old Head of Kinsale in the Celtic Sea, as well as the Inishbeg prospect in the Donegal Basin.
'With an active drilling programme about to commence and further exploration drilling contemplated in 2007, we believe that Island is creating a significant opportunity for enhancing shareholder value,' the company said in its results statement.
