Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Oil company Sterling Energy booked a first-half loss as it continued to develop prospects in Africa and the Middle East.
Pre-tax losses for the six months through June amounted to $0.87m, compared to losses of $0.60m on-year.
Sterling said it continued to assist with the progression of technical work assessing the Odewayne block in Somaliland.
Cash resources at the end of June were $43.8m, up from $45.5m on-year.
Sterling said it remained well financed and was positioned to take advantage of acquisition opportunities during current testing market conditions.
'Our ability to filter opportunities quickly in a congested market, combined with the leverage our cash balance allows, provides confidence that we can secure a deal,' the company said.