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Obtala Resources shares rise as firm upbeat on future

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Africa- focused investment group Obtala Resources (LON:OBT) is buoyant about the future as it continues to mull over expansion opportunities in the continent.

Releasing half year results, the firm highlighted as an example its recent signing of a Heads of Agreement to assume control over a cannery in Lesotho at zero cost and not taking on any debt.

Obtala continues to make good progress in developing its main interest - the forestry and agriculture business through its 75% owned subsidiary Montara - focused in Tanzania.

Highlights include the development of the new sun dried tomato project on course for first sales in November and an off-take agreement in place with a European buyer.

The firm has a strong balance sheet with net assets of £76.6mln compared to £79.5mln at the end of 2012.

"Our investments, Paragon and Bushveld, have both performed well operationally over the period and have attractive futures presenting near term production opportunities. 

"In the meantime, we will seek strategic partners for our investments who have strong balance sheets and who will actively develop the projects to achieve production goals and revenues," the company said.

The operating loss for the period to end June stood at £1.8 million including all costs from Paragon and Montara, compared to a loss of £2.2mln in 2012.

Investors welcomed Monday's results statement and shares rose 7.5%.

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