United Oil & Gas plc’s swung to a post-tax loss of $20.4 million while profits halved during a “transitional” 2023. OPPORTUNITIES The company’s “challenging” year was marked by aborted talks on selling its 22% interest in Abu Sennan onshore Egypt, leading to an $3.8m default notice and withdrawal from the licence. United also exited central […]
Tag: company results
Galantas Gold halves net losses
Galantas Gold Corp has halved its net losses while it still has to post a commercial revenue from the Cavanacaw mine in Omagh, County Tyrone. FINANCES Net loss for the year ended 2023 totalled approximately CA$8.6 million compared with $16.7m the previous year. The Canadian company recorded an impairment of $3.6m (2022: $10m) along with […]
Deltic remains committed to UK exploration
Deltic Energy plc remains committed to exploration within the UK despite political and fiscal challenges and uncertainly from the Energy Profits Levy (EPL). PORTFOLIO Chief executive Graham Swindells said that the EPL continued the “attractiveness” of investing in the company’s projects which drew tax relief. “Nonetheless, the existence of the EPL does nothing for investor […]
UKOG writes off £400,000 in Turkey as group cash falls
UK Oil & Gas plc posted an impairment of £400,000 from its Turkey operations while group cash more than halved. FINANCES The company’s assets include 5% in onshore Avington field within PEDL070, currently shut in; 100% of Loxley gas discovery and Broadford Bridge oil discoveries,PEDL234; 10% in Horndean PL211; 85.635% in Horse Hill PEDL137 due […]
Corcel targets first oil and listing
Corcel plc said it was on the verge of a material transformation to become “a sizeable, listed oil and gas developer”. OPERATOR During H2 2023, the company refocused on hydrocarbons in the Kwanza Basin, Angola and is considering further transactions in the region and overseas. The six months also saw a new board of directors […]
Red Rock focuses on cash flow as losses rise
Red Rock Resources plc said it continued to rationalise parts of its portfolio to generate cash as the company recorded an increase in six-month losses. PRIORITIES Chairman Andrew Bell said that the company would focus on early gold production and other “immediate cash flow operations”. Medium or long-term projects will be prioritised for short- term […]