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Geo Exploration Ltd on Thursday reported a slight widening of its full-year loss, as it said its Juno project in Western Australia has the potential to be a ‘district-scale discovery’. The oil and gas exploration company focused on Africa, Australia and the Mediterranean reported a pretax loss from continuing operations of $1.1 million in the financial year to June 30, widening slightly from $1.0 million a year prior. It reported no revenue, flat with the prior year, and also recorded no other income, down from $46,048. Employee benefits expenses multiplied to $706,446 from $211,953. However, share based payments were significantly lower at $14,770, down 97% from $477,475, with the bottom line supported by foreign exchange gains of $151,954, multiplying from $268. Geo Exploration reported cash at year-end of $1.1 million, advancing from $193,070 a year prior. The company said its primary focus throughout the financial year has been advancing the work programme for the June project in Western Australia, coupled with the continue farm-out process for the Namibian licence PEL 0094, ‘alongside a significant technical update and 22% increased resource upgrade’. Geo Exploration said it ‘expedited’ the Juno project work programme, completing several milestones in order to initiate its drilling campaign including surveys, modelling and agreement execution. Shares in Geo Exploration rose 4.3% to 0.31 pence on Thursday afternoon in London. Looking ahead, the company said it continues to pursue its dual focus of gold exploration in Australia and oil exploration in Namibia. It noted a ‘strong’ gold market backdrop, as it said the drilling programme at the Juno project is positioning the company to capitalise on a ‘potentially district scale opportunity.’ ‘GEO has delivered a year of transformation, strengthening our project portfolio and balance sheet while executing on our strategy to deliver value for shareholders,’ said Chief Executive Omar Ahmad. ‘At Juno, we are now drilling what we believe has the potential to be a district-scale discovery, backed by a world-class team. In Namibia, we continue to focus on securing a transaction that is clearly value-accretive for our shareholders.’ Copyright 2025 Alliance News Ltd. All Rights Reserved.
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