Business
Further Investment
Further Investment.
About this update from Prospex Energy Plc
[{"type":"text","content":"\n \nRNS Number : 8031U Prospex Oil and Gas PLC 11 April 2016 \n\nProspex Oil and Gas plc\n \n(\"Prospex\" or the \"Company\")\n \nFurther investment\n \nMOL Hungarian Oil and Gas Public Limited Company (\"MOL\") \nThe Company has acquired 1,100 Ordinary Shares in MOL for a consideration of $67,714, through the market. \n \nMOL is the parent company of the MOL group an integrated group of Oil and Gas companies headquartered in Hungary. It has both upstream and downstream operations. The upstream operations are worldwide and the downstream operations are focused on central Europe. The company is profitable, already realigned its business to reflect lower commodities prices and its dividend is well covered. The company is well exposed to Central Europe's superior GDP growth rates. The investment is consistent with the company's investment strategy being a minority position in a quoted company with the potential for growth and income. The directors believe investment increases the range of investments, by including a larger geographic area, and introduces a downstream element to the portfolio.\n \nIn MOL's last published audited accounts for the year ending December 2014, the company reported Net Sales Revenue of 2,392,578,000,000 HUF (approximately £6,184million), Profit Before Taxation of 120,677,000,000 HUF (approximately £311million) and Total Assets of 3,189,380,000,000 HUF (approximately £8,243million).\nFor additional information please see Mol's website http://molgroup.info/en/\n \nBill Smith, Prospex Chairman, commented:\n\"We continue to make investments in line with our investing policy, and seek opportunities to build out the Company's investment portfolio\"\n \n \nContacts:\n \n\n\n\n\nProspex Oil and Gas plc\n\n\n\n\n\n\n\nEdward Dawson, Managing Director\n\n\n0207 887 1461\n\n\n\n\n\n\n\n\n\n\n\n\nWH Ireland Limited (Nominated Adviser and Broker)\n\n\n\n\n\n\n\nKaty Mitchell / Nick Prowting\n\n\n0113 394 6600\n\n\n\n\n\n\n\n\n\n\n\n\nPeterhouse Corporate Finance Limited (Joint Broker)\n\n\n\n\n\n\n\nLucy Williams / Charles Goodfellow / Eran Zucker\n\n\n0207 469 0932\n\n\n\n\n\n\n\n\n\n\n\n\n \n \n\nThis information is provided by RNSThe company news service from the London Stock Exchange END MSCGMGMDMMVGVZM\n ","length":4896,"tag...