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Longboat Energy PLC - North Sea-focused exploration and production - Reports pretax loss of £11.6 million in 2021, widened from £2.4 million in 2020, due to £6.4 million in exploration and evaluation expenses last year versus none the year before. Records no revenue either year. Says it is fully funded to complete its current drilling programme.
‘Longboat remains well-positioned having made one material discovery and another with commercialisation potential from our first four wells,’ comments Chief Executive Officer Helge Hammer. ‘In the next six months, we will have results from three further exploration wells, each of which could be transformational for the business.’
Current stock price: 62.00 pence
12-month change: down 16%
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