Exploration and production firm Longboat Energy PLC (AIM:LBE) was down 10% on Tuesday morning after reporting mounting losses of £15.5mln for 2022, suggesting new funds would be needed this year.
Losses grew 230%, from £4.7mln in 2021, with the company hinting to “seemingly ever increasing fiscal instability in the UK” and reiterating its focus on Norwegian markets as a result, adding it had also moved into Malaysia.
It said after “careful enquiry” it would have to access additional fund for the coming year, though, anticipating it would raise cash through farm downs, selling assets or issuing new equity.
“This funding requirement represents a material uncertainty that may cast significant doubt on the group's ability to continue as a going concern,” it added.
Shares were down 7.3% to 9.04p in morning trading.