Business
Unaudited half-yearly results period ended 31 Dec
Unaudited half-yearly results period ended 31 Dec.
About this update from Corcel Plc
[{"type":"text","content":"\n \nRNS Number : 6196T Regency Mines PLC 31 March 2016 \n\n \n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\n \n31 March 2016\n \n\n\n\n\nRegency Mines Plc (\"Regency\" or the \"Company\"), the natural resources exploration and mineral investing company with interests in oil and base metal exploration, announces its unaudited half-yearly results for the six months ended 31 December 2015.\n\n\n\n\n \n \n\n\n\n\nChairman's statement\n\n\n\n\n \nThe Company presents its interim report for the six months to 31st December 2015.\n \nThe strategic shift referred to in Regency's annual report has continued to gain momentum. It was then stated that a reduction of over 60% in staffing costs and 50% in total overhead costs was expected between August 2015 and February 2016. This expectation was fulfilled and further savings made, as the Company has returned to an emphasis on the transactional and mining finance activities that formed part of its purpose at listing in 2005. Exploration costs have been minimised, though exploration assets have been retained where these held valuable resource positions. \n \nIn December 2015 a capital reorganisation was carried out and reduced the number of ordinary shares outstanding by consolidating every 20 old shares into one new share. The indications so far are that the exercise may be succeeding in its purpose of reducing trading spreads and increasing tradability of the shares.\n \nIn the latter part of 2015, the Company disposed of listed holdings in Alba Mineral Resources plc (AIM:ALBA) and Ram Resources Ltd (ASX:RMR)(\"Ram\"), though it retains a conversion interest in a further AUD200,000 of Ram stock. The Company also holds an interest in an advanced graphite project in Australia that is due to crystallise by May 2016 into either shares in an Australian listed company or AUD200,000 cash.\n \nAs the Company has announced, plans have been made and co-operation established with two groups in the U.S. for potential low cost oil production in West Virginia and Texas, but Regency is taking a cautious approach to progressing these while watching the changing oil price and economics in order to ensure a satisfactory return on any investment, and is at the same time vetting other prospects.\n \nIn the U.K. the Company re-invested in February 2016 in H...