LONDON (Alliance News) - Xplorer PLC Thursday said it is in negotiations to acquire three businesses, as it also reported that its losses widened in its last financial year.
The company, which acquires undervalued businesses or assets in the oil and gas sector, posted a pretax loss of GBP1.0 million for the year to March 31, compared with a GBP90,483 loss a year earlier. Xplorer booked interest payable and similar charges of GBP556,000 during the year.
Xplorer said it has been working with its partner and shareholder, Sprint Capital, to acquire a number of business for some time and it is currently in exclusive negotiations with three entities. Xplorer said these discussions are approaching completion.
"The opportunity set comprises existing production with significant development upside, offshore exploration in a province with high levels of industry activity and finally, a large acreage position in a prospective but under-explored onshore basin," Xplorer said.
The company said it will continue to review other opportunities to add to its portfolio.
Xplorer shares were quoted up 4.7% at 39.25 pence Thursday afternoon.
By Anthony Tshibangu; anthonytshibangu@alliancenews.com; @AnthonyAllNews
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