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Regency Mines narrows loss in latest half year

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Regency Mines (LON:RGM) considerably narrowed the loss in its latest half year as it continues to cut costs and repay debt.

The six months to end December saw it invest 5% in Horse Hill Development Ltd (HHDL), which drilled the HH-1 well near Gatwick in Sussex, but it has now agreed to sell the stake to Alba Mineral Resources (LON:ALBA) for £300,000 in cash.

That sale will provide funds for other projects, and among those under review are potential low-risk and high-return oil participations in Texas and Louisiana, said Regency.

Elsewhere in nickel, the firm maintains its interest in the Mambare license, where some activity will be undertaken this year, and is engaged with DNi to evolve a strategy for 2015.

 In Sudan, the firm is planning a short trip to target areas identified last year in the Jebel Abyad licence followed by a further phase of exploration at the Red Sea.

The loss before tax fell to £806,000 compared to a loss of £1.059mln in the same period in 2013.

The firm ended the period with £7,243 in cash.

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