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LONDON (Alliance News) - United Oil & Gas PLC said Tuesday its loss for the first half of the year widened as it prepares for an "exciting 2018".
For the six months to June 30, the oil & gas company posted a pretax loss of GBP438,801 compared to GBP129,355 a year ago. As it is an exploration and development company, UOG did not record any revenue.
Chief Executive Brian Larkin said: "This has been an active period for United which has set us up for an exciting remainder of 2018.
"We continue to assess high-quality assets that have clear lines of sight to near-term activity to enhance our portfolio which has seen considerable growth during this period. We are committed to maintaining the momentum that has been built and I look forward to updating shareholders on the multiple value-adding events occurring over the coming months."
Looking ahead, the company expects the momentum to be maintained in the second half as it continues to look for assets acquisitions.
In a separate statement on Tuesday, UOG said it raised GBP3 million via a placing and subscription of 54.5 million shares at 5.5 pence each, with warrants attached on a 3 for 4 share basis at at strike price of 8p.
The funds raised will be used to pursue new projects in line with its focus to build a portfolio of low risk, late stage appraisal and development projects in Europe and high impact exploration plays in the Caribbean, Latin America and Africa, the company explained.
Shares in the company were flat Tuesday at 5.50p each.