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UK Oil & Gas PLC - London-headquartered exploration and production company - Pretax loss widens to GBP1.0 million in the six months that ended March 31, from GBP771,000 a year before. Half year revenue multiplied to GBP721,000 from GBP88,000, due to production at Horse Hill field. Horse Hill was in development during the same period the previous year, with oil sales netted off as exploration and evaluation expenditure.
Expands international asset base with the Basur-Resan project in Turkey, where assets can be monetised in under a year, rather than three to five years, as in the UK. Continues with planning applications for UK gas appraisals Arreton on the Isle of Wight and Loxley in Surrey. Says gas from Loxley could provide feedstock for reformation into hydrogen-based fuel. Adds, it is currently assessing the possibility to turning its UK sites into integrated hybrid energy hubs, including solar, closed loop geothermal, petroleum and battery storage facilities.
Current stock price: 0.22 pence, up 9.0% on Wednesday afternoon
Year-to-date change: up 49%
By Scarlett Butler; scarlettbutler@alliancenews.com
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