LONDON (Alliance News) - Russia-focused Ovoca Gold PLC on Tuesday said its pretax loss widened in the first half on the back of impairments booked on the value of its assets, as it said it is still looking for a partner or buyer for its assets.
Ovoca, which does not generate any revenue, said its pretax loss for the half to the end of June was EUR1.0 million, widened from the EUR536,000 it posted a year earlier due to impairments booked on the value of the Stakhanovsky Licence in Russia.
Ovoca is seeking a joint venture partner for the Stakhanovsky project or a potential buyer for the asset, but said this has been hindered by the ongoing challenging macroeconomic environment in Russia and the caution this is fostering among companies operating in the country.
The group has widened its focus on exploration projects and is now in the process of seeking new projects in the oil and gas sector in Russia, Canada and the US.
Ovoca shares were down 11% to 4.887 pence on Tuesday morning.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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