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 […]
Tag: company results
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 […]
Angus revenues rise on Saltfleetby production
Angus Energy plc recorded a steep rise in revenues from increased gas production at its 100% owned Saltfleetby field in east Lincolnshire. LIDSEY For the year ending September 2023, revenue from the field’s revenue rose to approximately £28 million (2022: £3m) on production of gross 31,750 bbls of oil and 25,228,853 therms of natural gas […]
Tullow records $110m loss and significant achievements
Tullow Oil plc swung to a loss driven by impairments and write-offs totalling $435 million from its operations. VALUE Full year results ending 31 December 2023 showed loss from continuing activities of $110m compared with a $49m profit in 2022. The group wrote off exploration costs of $27m (2022: $105 million) mainly in Kenya following withdrawal of the JV partners. A re-assessment […]