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Mercom Oil Sands Posts Smaller Annual Loss

Tue, 30th Sep 2014 16:23

LONDON (Alliance News) - Mercom Oil Sands PLC Tuesday said its loss narrowed in the financial year ended March 31.

Mercom, which recently switched from an oil exploration and development company to an oil and gas investment company, reported a pretax loss of GBP694,078 for the year to end of March, compared with a loss of GBP2.1 million the prior year.

Having changed into an investment company, Mercom said that general and administrative expenses decreased to GBP480,318, from GBP2.0 million the prior year, while it also benefited from an exceptional gain of GBP213,760. Last year the company also booked GBP64,490 in exploration and evaluation expenses, which were not repeated in the year just ended.

Mercom Oil shares closed trading Tuesday at 8.63 pence.

By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty

Copyright 2014 Alliance News Limited. All Rights Reserved.

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