UK Politics

Anglo African Oil & Gas is actively reviewing acquisition opportunities


Anglo African Oil & Gas PLC (LON:AAOG) told investors it is actively reviewing acquisition opportunities.

The company, which agreed to divest its assets in the Congo earlier this year, reported its interim results which included a £462,000 loss from continuing operations reduced from £2.21mln in 2019, with lower spend on staffing costs and overhead.

“With the sale of AAOGC the company continues to review and reduce overhead costs, as it seeks new opportunities,” said Sarah Cope, AAOG chair.

READ: Anglo African agrees new exit price

“The company is now actively seeking an acquisition of an asset or a company with the ability to increase value for shareholders and the board is actively reviewing opportunities.

“With the sale of its only asset in May 2020, the company is currently an AIM Rule 15 cash shell and is currently looking at opportunities for acquisitions that will establish a near term cash gRead More – Source