LONDON (Alliance News) - Mercom Oil Sands PLC on Thursday reported a widened pretax loss in the first half of its financial year in what it described as a "challenging environment", but said it still believes there are opportunities to create further shareholder value.
The oil and gas investing company said its pretax loss in the six months ended September 30 widened to GBP180,876 from GBP108,010 the year before. Mercom is not revenue generating.
"Despite the challenging environment in the resources sector, the directors continue to believe there are opportunities to create value for shareholders. The board is working to identify and evaluate potential opportunities and will make further investments when it is satisfied that all its demanding criteria are met," Chairman Patrick Cross said in a statement.
Shares in Mercom were down 13% on Thursday at 1.85 pence.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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