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Oil and gas company i3 Energy reported wider first-half losses as rising costs following the expansion of its Canadian business weighed on performance.
For the six months ended 30 June 2021, pre-tax losses widened to £7.8 million from £6.8 million year-on-year, and the company generated revenue of £26.5 million.
Administrative expenses increased from £1.7 million to £6.8 million from the first half of 2020 to the first half of 2021.
'The increase is largely due to the increased overhead resulting from the expansion of the group's Canadian business in the second half of 2020, and employee share payment expense of £1.3 million,' the company said.
'We are now a substantial production company with a full cycle E&P portfolio containing multiple options to create and return value to our shareholders,' the company said.
Looking ahead, i3 energy said it would continue its efforts in the remainder of 2021 and beyond to grow its production business.