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Oil company Prospex Energy posted a first-half loss as it continued to invest in onshore projects in Europe.
Pre-tax losses for the six months through June amounted to £1.03 million, compared to losses of £0.68 million year-on-year.
Prospex said the value of its assets, which include prospects under development in Italy, Spain and Romania, stood at £6.2 million at the end of June.
Chief executive Edward Dawson said the projects provided significant asset backing when compared to the company's current market capitalisation, but did not tell the whole story.
'Total assets do not reflect the considerable run room that exists within our portfolio to grow production and revenues,' Dawson said.
First gas at the Selva field in Italy, he said, was expected in the first half of 2021.
Along with the transfer of a 49.9% interest in the El Romeral project to its Spanish affiliate, the company's annual production could reach 7,800,000 standard cubic metres in 2021, Dawson added.
At 9:31am: (LON:PXEN) share price was -0.05p at 1.9p