IN BRIEF: UK Oil & Gas revenue boosted by rising oil prices

UK Oil & Gas PLC - UK and internationally focused energy company - Reports revenue for the full year ended September 30 from sales of oil amounted to GBP1.8 million from GBP1.6 million a year earlier, largely driven by an increase in average sale price from GBP43 per barrel to GBP98 per barrel which was offset by oil production decrease at Horse Hill. Gross profit totalled GBP300,000 compared to a loss of GBP200,000 in 2021. Administration expenses amounted to GBP2.7 million from GBP2.1 million and an operating loss of GBP5.4 million was recorded, widened from GBP3.8 million in 2021. Net cash outflow from operating activities increased to GBP2.0 million from GBP1.4 million a year prior.

Current stock price: 0.061 pence

12-month change: down 49%

By Jeremy Cutler, Alliance News reporter

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UK Oil & Gas