Irish-registered exploration company losses rise to £739,000

MMS Petroleum, an Irish-registered exploration company, has increased its loss before tax from £587,000 sterling to £739,000 in the six months ended June 1997. As it is at a development stage, it generated no revenue. MMS, previously called Marine & Mercantile Securities, has £3.6 million available to develop its existing ventures. It said it was also seeking new projects. In Romania, its production sharing agreement for block 6 was ratified. This led to the receipt of £425,000 from Gulf Canada, its joint venture partner, to cover past costs.

Irish investors control 15 per cent of MMS.