Hardy Oil and Gas posts narrower interim loss

India-focused oil and gas explorer Hardy Oil and Gas posted a narrower interim loss.

In the six months to the end of September, the London-listed company posted a total comprehensive loss of $4.2m (£2.8m), comprising of a $1.5m cash loss and a non-cash write-off of $2.7m.

The company’s pre-tax loss declined 22.2% year-on-year to $1.4m, while operating losses fell 2.41% from the corresponding period in 2014 to $1.7m.

Hardy added it held total cash and short-term investments of $19.3m with no debt as of 30 September.

"Through this down cycle in commodity prices we can achieve tangible value creation with constructive collaboration from all stakeholders, from our India based assets,” said group chief executive Ian MacKenzie.

“We have in place clear priorities and objectives.

“However the pace of activity is not satisfactory. The actions of our partners and sovereign authorities to a large extent will determine our ability to invest further in India."

Hardy shares were down 5.26% to 18.00p at 1009 GMT on Thursday.