PNG... the country that mostly attracts fly by night and loser companies hoping to make a fast buck off our treasured resources:
Rift Oil FY pretax loss widens to 519,000 stg on higher admin costs
LONDON (Thomson Financial) - Rift Oil PLC said its full-year pretax loss widened to 519,000 stg from 202,000 stg a year earlier earlier due to higher administrative expenses.
Its administrative expenses for the year to March 31 more than doubled to 570,000 stg from 261,000 stg a year ago.
The oil and gas exploration company with assets in Papua New Guinea said it has received encouraging results from the 54 kilometre seismic study designed to define new exploration leads.
Rift Oil said its strategy continues to be to commercialise its discovery on PPL 235, located in the forelands of PNG.
It said it has also signed a memorandum of understanding with Alcan South Pacific. As part of the deal, it said it will supply 40 bln cubic feet per year of natural gas over 20 years from 2011 to the Alcan Gove Refinery in Australia's Northern Territory. [email protected]