Argos Resources Ltd intends to apply for an extension to its licence to operate in the North Falkland Basin. The Falkland Islands-based company is also in talks with parties interested in its drilling licence programme and looking to raise further finance. The news comes as it posted an increase in half year losses compared with the […]
Oil & Gas
Union Jack placing and subscription raises £7m
Onshore hydrocarbon production, development and exploration company Union Jack Oil plc raised £7 million from an “oversubscribed” placing and subscription. The company now has some £11 million which it will use to extend its drilling operations and seek acquisition opportunities following the UK’s departure from the EU, the pandemic and energy prices. Union Jack will […]
Union Jack losses widen but future remains ‘bright’
Union Jack Oil reported its total losses nearly doubled to £935,151 in the first six months of 2020 compared with £484,068 for the same period last year, but it remained confident in the future. In its unaudited results for the first six months to 30 June 2020, the company reported a fall in revenue of […]
Offshore oil and gas licence review will ensure net zero
The Government is to review its policy on the UK’s future offshore oil and gas licensing regime as part of its plans to achieve net zero emissions by 2050. Initial findings and next steps will be published in the forthcoming Energy White Paper. More than half of the UK’s electricity comes from renewables including wind […]
Egdon granted more time to drill North Kelsey-1
Egdon Resources Ltd has been granted more time to drill PEDL241, containing the North Kelsey-1 well in Lincolnshire. EXTENSION Operator Egdon holds 80% and Union Jack Oil plc 20% in the licence. Lincolnshire County Council first granted temporary planning permission to drill an exploratory conventional oil in 2014. Egdon has now been given a further […]
EnQuest reports losses and reorganises North Sea operations
EnQuest’s revenue nearly halved for the first six months of 2020 compared with the same period last year but production losses were minimised. Th group also decided not to restart production at the Heather/Broom and Thistle/Deveron fields, and to reorganise its UK North Sea business into three directorates of upstream, midstream and decommissioning leading to a […]