18th Sep 2013 11:45
LONDON (Alliance News) - UMC Energy PLC Wednesday said that assessments continued at its Papua New Guinea operations as it held back from exploration in Madagascar during a period political strife in the half year ended June 30.
The company conducted a technical review with 3D-Geo Pty Ltd of geological data about the onshore and offshore petroleum prospecting licenses in Papua New Guinea held by Gini Energy Limited, in which UMC Energy owns a 30% interest.
This review resulted in changes to its estimates of prospective resources recoverable at the Paua Structure, however the company said that the Papua New Guinea petroleum project was not yet in the stage of development where a determination of the technical feasibility or commercial viability could be assessed.
Madagascar continued to experience a period of uncertainty and political upheaval, the company said, and whilst it did not negatively effect its performance, it has exercised caution and not conducted exploration activities in the area during the current year.
The company had a pretax loss of GBP844,300, widened from GBP529,578.
Shares in the oil and gas company were trading down 7.8% at 3.80 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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