Warning: from Rockhopper
Rockhopper slides into the red
Rockhopper Exploration booked a wider first-half pre-tax loss, and warned that any rate cuts either in the UK or the US will further reduce its investment income.
The company's funds earn a fixed margin relative to the UK base rate and US federal funds rate.
Rockhopper posted a pre-tax loss of $725,000 for the six months ended 30 September, compared with a pre-tax loss of $681,000 in teh same period last year.
Investment income fell to $160,000 from $502,000 despite rising interest rates, due to reducing cash balances as a result of the 3D work undertaken during the second half of last year, Thomson Financial reported.
The explorer added an initial review of 3D seismic date in licences PL032 and PL033 in Falklands has shown good prospects.