(Alliance News) - UAE Oil Services PLC on Monday reported a narrowed interim loss as it continues to progress its acquisition of OBN Group.
In the six months to June 30, the company's loss narrowed to GBP271,454 from GBP531,559 the year before.
"The main expense for the company is its legal and professional costs. The management intends to monitor and control this to be cost efficient and minimise its net loss before a suitable acquisition," UAE Oil explained.
UAE Oil was created in April 2018 to make acquisitions in the oil and gas support services and infrastructure sector, focusing generally on the Middle East & North Africa but initially in the United Arab Emirates.
In August 2018, UAE Oil announced the possible acquisition of OBN Group and suspended its shares. By the end of the first half this had not occurred.
"However, the work required to complete the acquisition is ongoing and an update will be made in due course," the company added.
UAE Oil shares remain suspended.
The company ended the half with GBP11,816 in cash but recently signed a GBP100,000 loan facility agreement with Blue Rock Investment LLC.
By Paul McGowan; paulmcgowan@alliancenews.com
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