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LONDON (Alliance News) - Upland Resources Ltd on Friday reported a widened pretax loss in its last financial year after listing on the London Main Market, and said it thinks there are attractive investment opportunities for it to take advantage of going forward.
The oil and gas investment company, which listed on the London Main Market in October, said its pretax loss in the year ended June 30 widened to GBP221,069 from GBP66,474 the year before.
It said a major fall in oil prices during the year has increased investment opportunities in the market as more companies seek partners for existing projects or are forced to relinquish good assets because of financial difficulties.
"Unless oil prices recover substantially, the board expects this trend to continue as oil price hedges, put in place by producers before the price drop, unwind exposing them to the full impact of markedly reduced revenues. The board believes that this has produced a buyers' market for oil and gas assets which the company intends to take full advantage of," Upland said in a statement.
Upland did say, however, that it had to abandon investment opportunities which it had identified in Tunisia following the terrorist attacks which occurred there in March and June.
Shares in Upland were untraded on Friday, last quoted at 0.964 pence.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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