3Legs Resources reports £35m loss, changes strategy

Isle of Man-based 3Legs Resources reported a £35m loss and detailed its change in strategy on Monday.

The company which focused on oil and gas exploration now classifies itself as an investment firm.

The firm posted a loss per share of 0.41p, up from the 0.05p the previous year, in its final results on Monday.

Chairman Richard Armstrong said in a statement the loss came from disposing of subsidiaries and interests in joint ventures relating its previous exploration activities.

Share in 3legs had risen 4.26% to 0.318 at Friday’s market close.