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(Alliance News) - Oil and gas company Upland Resources Ltd on Thursday reported a widened first half loss due to rising expenses.
Upland, like in the year prior, generated no revenue. Its pretax loss stretched to GBP516,552 from GBP414,407 in the year before.
Upland said: "The principal reasons for the increased costs in the six-month period are the costs associated with supporting the company's activities and one-off costs in connection with the appointment of new directors to the board."
Administrative expenses were 50% higher at GBP512,630 each versus GBP342,777.
Chief Executive Officer Christopher Pitman said: "We are pleased by the progress that the business has continued to make particularly with licence activities in respect of the Saouaf permit area in Tunisia.
"Whilst we are aware that our industry faces challenging headwinds, we believe that our debt-free capital structure and pipeline leaves us well placed to pursue exciting portfolio opportunities, grow the business and provide value to shareholders."
Upland shares were 9.1% higher at 0.60 pence each in London on Thursday morning.
By Eric Cunha; ericcunha@alliancenews.com
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