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 and gas exploration group Bowleven reported narrower annual losses as costs fell.
For the year ended 30 June 2021, pre-tax losses narrowed to $2.0 million from $2.6 million as administrative expenses fell to $2.8 million from $3.3 million.
Looking ahead, the company said were commercial and regulatory issues, which had yet to be resolved in conjunction with the uncertainty regarding the optimum development concept.
'Resolving these issues to permit FID to be reached in 2022 will be a challenge for the JV partners and any delays in reaching final resolutions will create a high financial risk for Bowleven,' it added.
'Our focus for 2022 is to reach an agreement within the JV partnership and our wider stakeholders on the optimum development concept for Etinde and reach FID during the year.'