Independent O&G posts impairment laden FY loss

Independent Oil & Gas has posted an impairment-heavy pre-tax loss for its full year, from a profit previously.

Its pre-tax loss was £21.4m, down from a profit of £5.3m a year earlier. The result included a £20.0m impairment of oil and gas properties, versus and impairment reversal of £6.2m a year earlier.

Chief executive Mark Routh said 2016 was a year of substantial progress for Independent.

"We established a sizeable resource base as part of our strategy to create high-value gas hubs in the UK Southern North Sea and we acquired a viable potential export route following the negotiation to acquire the Thames pipeline," said Routh.

"We have a busy work programme over the coming 12 months and the newly strengthened management and operations team are focused on successfully delivering our gas hub strategy and creating value for all our stakeholders."

At 13:44 BST, shares in AIM-listed Independent were down 2.88% to 16.88p each.