PATH INVESTMENTS SWINGS TO PROFIT FOLLOWING INITIAL PUBLIC OFFERING
Energy investment company Path Investments PLC said Monday it swung to profit in the first half of 2017 following its listing on London Main Market in March.
Path Investments swung to pretax profit of GBP73,048 in the six months to June 30 after suffering a loss of GBP1.6 million in the same period last year.
The investment company floated on the London Stock Exchange in March and raised GBP1.4 million from the placing.
Path Investments is looking to buy oil and gas production, or near production, assets which have a lower risk profile than exploration and development assets, noting its current focus is on the onshore oil and gas markets.
Path Investments said it has had 27 potential investment opportunities considered since its admission, 7 of which are currently under consideration, with 2 in advanced stages of discussion.
Chief Executive Christopher Theis said: "The first half of 2017 was a transformational period for the company with the admission to the standard list. Since admission we have been extremely busy investigating potential investment opportunities that may meet our criteria.
"We continue to believe that there is a significant opportunity to acquire interests in assets owned by financially distressed exploration led oil and gas companies and are exploring a number of potential transactions in detail. We look forward to providing further updates on these as appropriate," Theis added.
Shares in Path Investments down 6.7% at 0.7 pence Monday.
By Gem Sofianos Alliance News
The Company has also released its interim results: Path_Interim Results Jan-Jun_2017