United Oil & Gas plc reported a successful first half of 2020 with group revenue of $2.4 million (£1.86m) and gross profit of $0.3 million (£0.23m) due to the company’s integration of its Egypt assets. Interim results showed profit after tax at $1.8 million (£1.4m) with realised oil price of $28.26/bbl. Cash collections in the […]
Oil & Gas
JOG looks to ‘exciting’ future with larger portfolio
Jersey Oil and Gas plc (JOG) said it had exciting prospects with a strong cash position of £8.9 million for the first half the year and increased assets, despite trebling losses. RESOURCES Losses for H1 2020 before and after tax totalled £1.2m (H1 2019: £400,000) with expenditure related to the company’s flagship Greater Buchan Area development project […]
OGA tells operators to reduce flaring-venting
Greenhouse gases from oil and gas flaring and venting on the UK Continental Shelf need to be further reduced, said the Oil and Gas Authority (OGA). Although some operators have lowered emissions, the volume of gas flared and vented in oil and gas production last year was equivalent to 3% of all the natural gas […]
Angus Energy to raise £12m for Saltfleetby
Angus Energy plc hopes to raise £12 million, with support from its 49% partner Saltfleetby Energy, to redevelop Saltfleetby gas field in Lincolnshire. The hydrocarbon company announced yesterday (23 September) that it had raised £1 million from placing 111,111,105 new ordinary shares at 0.9 pence per share. This will form part of a working capital […]
Rathlin’s main oil drill rig arrives at West Newton-B
Rathlin Energy (UK) Ltd announced that the main drilling rig and associated equipment began mobilisation today at West Newton-B site in East Yorkshire. The equipment will be rigged up within two weeks before a borehole is drilled, 24 hours a day, to an approximate depth of 2,000 metres. The operation is expected to be completed […]
IGas Energy revenues halve as it targets new technologies
IGas Energy plc’s revenues halved to £10.5 million during the six months to June 2020 compared with the same period last year of £22.1 million. The oil and gas company, which recently acquired geothermal developer GT Energy, also announced it would also consider adding new technologies to its existing business. Interim results showing EBITDA at […]