(MENAFN- ProactiveInvestors) () is to focus on further investment and development of its Papua New Guinea petroleum projects and its Morondava uranium asset in Madagascar it told investors posting 2014 results.
As it makes no revenue the loss for the year was $2.9mln compared to $2.5mln in 2013 while it held cash of $83483 at end of December last year.
In PNG the group holds a 30% interest following an arrangement with Chinese multi-national in 2012 and an 80% interest in Morondava.
The political uncertainty in Madagascar means no exploration was conducted last year while on the PPL378 permit in Papua New Guinea one of four it holds operator has carried out significant technical work to better define the Paua structure.
's internal experts continue their well planning for Paua-2X with drilling presently expected to commence in late 2016 the firm said.
UMC shares were unchanged at 2.25p.
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