BRIEF-Tesla Exploration continues to report as going concern

Mon May 16, 2016 8:50pm EDT
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May 16 (Reuters) - Tesla Exploration Ltd

* Qtrly loss per basic share $1.11

* Delays of significant projects in Africa and UK have worsened company's outlook for 2016

* Says continues to face many challenges in its attempt to maintain its operations and improve its financial stability

* Visibility into near term demand is limited and Tesla continues to seek ways to reduce costs & increase flexibility from its lender

* Continues to report as going concern, contemplating assets to be realized, liabilities discharged in normal course of business as they come due

* Tesla reports 2016 first quarter results and provides update on credit facilities and going concern

* Q1 revenue fell 32 percent to c$17.8 million Source text for Eikon: Further company coverage: )