The company, which agreed to divest its assets in the Congo earlier this year, reported its interim results which included a £462,000 loss from continuing operations reduced from £2.21mln in 2019, with lower spend on staffing costs and overhead.
“With the sale of AAOGC the company continues to review and reduce overhead costs, as it seeks new opportunities,” said Sarah Cope, AAOG chair.
“The company is now actively seeking an acquisition of an asset or a company with the ability to increase value for shareholders and the board is actively reviewing opportunities.
“With the sale of its only asset in May 2020, the company is currently an AIM Rule 15 cash shell and is currently looking at opportunities for acquisitions that will establish a near term cash generating business in the natural resources sector.
“The board will keep shareholders informed of its progress on a regular basis.”
In June, the company entered into an unsecured convertible loan facility amounting to £1.5mln, with a first drawdown of £160,000.
Tuesday’s results noted that the company continues to discuss finance options with external investors and its major shareholder.