15th May 2015 09:07
LONDON (Alliance News) - UMC Energy Corp Friday reported a wider pretax loss in 2014 on the back of a foreign exchange loss and increased finance costs as it continues to focus on its assets in Papua New Guinea.
The company, which does not generate any revenue, reported a wider pretax loss in 2014 of USD2.9 million compared to a USD2.6 million loss in 2013 as a fall in administrative costs was offset by a rise in finance costs and a loss on foreign exchange.
Administrative costs fell to USD968,645 from USD2.0 million, but finance costs rose to USD1.8 million from USD1.5 million, and the company booked a USD4,825 loss on foreign exchange compared to a USD1.0 million gain in 2013.
"The directors anticipate the company's major future developments will revolve around further investment in and development of the Papua New Guinea petroleum and Morondava uranium projects," said the company.
UMC acquired two onshore and two offshore licenses in Papua New Guinea through its acquisition of PNG Energy Ltd. UMC holds a 30% interest in the licenses with its Chinese partner CNOOC Ltd holding a 70% stake.
UMC shares were untraded on Friday, last trading at 2.25 pence per share.
By Joshua Warner; [email protected]; @JoshAlliance
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