UEP Umc Energy

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

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December 16, 2015 08:27 ET (13:27 GMT)

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