LONDON (Alliance News) - Polemos PLC Thursday said it continues to evaluate new investment opportunities, as its losses widened in the first-half.
Polemos plans to acquire a diverse portfolio of direct and indirect interests in exploration, development and production oil and gas assets, which are based in Africa. The intention is to acquire a distributed mix of oil and gas development and production assets.
The company posted a pretax loss of GBP168,000 for the six months ended June 30, compared with a GBP110,000 loss a year earlier, largely attributable to administrative expenses.
Polemos is yet to report any revenue.
In June the company raised GBP500,000 through the placing of 500.0 million new shares.
"The placing enables the company to consider further and take advantage of new investment opportunities to develop shareholder value on behalf of shareholders as a whole in the company," Polemos said.
Cash and cash equivalents amounted to GBP445,000 compared with GBP144,000 a year earlier.
"The company continues to review a number of potential new investment opportunities in accordance with its investing policy and further announcements will be made in due course as appropriate," Chairman Donald Strang said in a statement.
"The board considers this approach to be in the best interest of shareholders as it believes that expected returns will be higher than on cash held at the bank. This approach also allows flexibility to evaluate investments in other opportunities within the natural resources sector," he added.
The stock closed down 4.4% at 0.110 pence Thursday.
By Anthony Tshibangu; anthonytshibangu@alliancenews.com; @AnthonyAllNews
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