News

Valiant sees losses widen, positive outlook

13 June 2008 08:39:00

Oil & gas group Valiant Petroleum saw half-year pre-tax losses widen on higher expenses but said that its short-to-medium term outlook remains positive.

Pre-tax losses came to £2.46m for the six months ended 31 March from £558,000 last time as administrative expenses rose to £2.8m compared with £744,000 last year.

"The company remains positive with regard to the outlook over the short-to-medium term which will see the company delivering on its plan set out at the time of the AIM admission to production in the first half of 2009 from the Don Fields and pursue a number of exploration prospects to drive value across the cycle," said the group.

"Valiant continues to look at a range of opportunities for growth - both organically and through acquisitions - in order to become a substantial North Sea independent in the medium term," it added.

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