E&P Global (HKG:1142) expects to post a full-year loss of HK$290 million to HK$420 million for the year ended March 31, mainly due to a HK$708 million non-cash impairment on its coal exploration assets.

The loss forecast narrows from an earlier estimate of at least HK$460 million for the 11 months to February, according to a Tuesday disclosure on the Hong Kong Exchange.

The coal miner will book a HK$468.5 million gain from the settlement of a convertible note, partially offset by a fair value loss of at least HK$100 million on new notes.

The stock gained almost 1% in recent trade on Tuesday.