Prospex Oil and Gas swung to an annual loss after it completely wrote off the value of a failed Polish exploration venture.
Pre-tax losses amounted to £3.2m, compared to a profit in 2016 of £1.6m. The company said it expected to post better results in the current financial year as new projects started to come online.
‘Thanks to drilling success in both Romania and Italy in the fourth quarter of 2017, the year ahead should see Prospex transformed once again, this time into a revenue generative multi-project oil and gas investment company,’ managing director Edward Dawson said.
The Bainet gas discovery in Romania was expected to bring online in the ‘coming months’, he said. ‘With production in Italy expected within 18 months and a technical programme underway in Spain to de-risk a potentially huge gas discovery, 2018 should not be short of high impact news flow, as we focus on generating significant value for shareholders,’ Dawson said.