(Alliance News) - UK Oil & Gas PLC reported a narrowed interim loss on Friday in a period "dominated" by the continued successful performance of the flagship Horse Hill oil field in Surrey.
Alongside Horse Hill, on licence PEDL137, UKOG has interests in the Holmwood field on PEDL143 as well as several other licences in southern England and the Isle of Wight.
Extended well tests at Horse Hill, near Gatwick Airport, have produced over 54,000 barrels of light, sweet, dry crude oil, split between the Portland and Kimmeridge geological formations. UKOG booked GBP1.6 million of sales of crude oil from the testing, though this was offset by capitalised testing costs.
Surrey County Council is due to hear UKOG's planning permission in September.
UKOG posted a pretax loss of GBP1.7 million in the six months to March, reduced from a GBP4.4 million loss a year prior.
At the end of March, cash and cash equivalents totalled GBP7.2 million, with UKOG raising GBP3.5 million at the end of that month but the proceeds were not received until April, so were not recognised in the interim accounts.
Shares were 5.9% lower on Friday at a price of 1.01 pence each in London.