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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Umc Energy | LSE:UEP | London | Ordinary Share | KYG0698M1015 | ORD NPV (DI) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.505 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMUEP
RNS Number : 2901J
UMC Energy Corporation
16 December 2015
16 December 2015
UMC Energy Corporation
("UMC Energy" or the "Company")
Closure of Madagascar Uranium Exploration Operations
UMC Energy today announces that following a review of the Group's expenditure, the Board has resolved to abandon its Madagascar uranium exploration activities forthwith.
Given the political upheaval and uncertainty which Madagascar has experienced over an extended period, the Company has not conducted any exploration activities in that country for a number of years and, as a result, the Directors determined to fully impair the carrying value of this intangible asset in the accounts for the year ended 31 December 2012 and the Company has fully expensed all costs incurred in relation to the Madagascar uranium exploration project in each subsequent year.
Accordingly, the Directors believe that no material impact on the Company's financial position or results of operations is expected to follow from this decision.
Enquiries:
UMC Energy Corporation Chrisilios Kyriakou, Chairman +44(0) 20 3642 1633 Strand Hanson Limited Angela Hallett / James Spinney +44 (0) 20 7409 3494 HD Capital Partners LLP Philip Haydn-Slater / Paul Dudley +44 (0) 20 3551 4870
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCXQLFFELFLFBQ
(END) Dow Jones Newswires
December 16, 2015 08:27 ET (13:27 GMT)
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