Oil and gas firm reports pre-tax loss of €41k

PAN ANDEAN, the Dublin-headquartered oil and gas exploration company, has reported its first losses in a decade, on the back of falling gas prices in the US.

The company – which recently announced that it is close to selling its Peruvian and Colombian mining assets to Canadian company, Petrominerales – reported a £37,000 (€41,600) pre-tax loss for the six months to the end of September.

This was down from a pre-tax profit of £618,000 (€696,300) for the same period last year.