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Reabold Resources PLC on Tuesday said its annual loss narrowed as costs dropped, but lower sales volumes affected its revenue. The London-based oil and gas company with projects in the UK, US and Romania said pretax loss in 2022 narrowed to £45,000 from £2.7 million a year prior, as cost of sales fell to £834,000 from £1.3 million the year before. Revenue fell 53% to £560,000 from £1.2 million in 2021, attributed to reduced net sales volumes of 7,587 barrels of oil equivalent, down by 69% from 24,457 boe a year prior, in its Californian licences of West Brentwood and Monroe Swell, of which it owns a 50% working interest in. Reabold did not declare a dividend for 2022, unchanged from the year before. Looking ahead, Reabold is ‘encouraged’ by the strength of its balance sheet of £5.5 million cash and no debt. Shares in Reabold were up 0.6% at 0.14 pence each in London on Tuesday midday. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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