Gasol plc, the West African energy development company, announced interim results for the six months ended 30 September 2012.
Highlights:
Financials
The financial results for the period reflect an increase in development costs due to increased project activity, the recruitment of a new management team and costs related to a potential transaction.
The loss after tax for the six month period was £1,736,132 compared to a loss of £1,041,086 in 2011, equating to a loss per share of 5.6p compared with a loss of 4.7p per share (0.09p on a pre-consolidated basis) for the period ended 30 September 2011. Cash balance at 30 September 2012 was £246,437 (30 September 2011: £166,725).
Gasol’s intends to monetize African gas by providing gas to power projects and infrastructure. The strategy includes initially supplying LNG and then pipeline gas from African gas fields.
The Company aims to assist the development of gas infrastructure as well as to encourage the growth of gas-fired power generation in West Africa.
Alan Buxton, Chief Operating Officer of Gasol , commented: “Gasol has made progress during the last six months. The Company is seeking to supply gas to markets which are gas constrained, in order to displace more expensive liquid fuels such as diesel and light crude that are currently used in power generation and for industry. In the short term, Gasol will provide this gas through LNG Import Projects.”
[mappress] LNG World News Staff, December 31, 2012