27th Sep 2013 07:50
LONDON (Alliance News) - Mercom Oil Sands PLC Friday said it is already identifying investment opportunities which match its new strategy and is evaluating the potential profitability and risks associated with those discovered so far.
The company, which has just switched from trying to be an oil well operator to being an investment company which will focus on investments in other oil and gas companies, reported a net loss of GBP2.1 million for the first half of the year, but that just represents ongoing administrative costs as it currently isn't earning any revenues.
Its shares were up 32% at 0.495 pence early Friday, one of the biggest gains on AIM.
By Steve McGrath; [email protected]; @SteveMcGrath1
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