News Oil & Gas

IOG swings to a loss

Independent Oil and Gas plc (IOG) swung to a loss as the company’s cash balance fell and the group recorded a net debt. In its final audited results for the year ended 31 December 2020, the company reported post tax losses of £19.3 million compared with a 2019 profit of £15m generated by the CalEnergy […]

News Oil & Gas

Angus mulls overseas projects as revenue falls

Angus Energy plc might might look overseas for projects as it reported a fall in revenue and production. DECREASES Accounts for the year ended 30 September 2020, show revenue fell to £68,000 (2019: £200,000) on production of a gross 1,594 barrels (2019: 5,346). Angus attributed this to the Lidsey oil field being shut in due […]

News Oil & Gas

United remains within guidance on production increase

United Oil & Gas has announced that production remained within guidance following an increase from its Abu Sennan interest, onshore Egypt. PRODUCTION The company holds a 22% working interest in the licence which is operated by Kuwait Energy Egypt. In its fourth quarter results for 2020, United reported its second half net working interest averaged […]

News Oil & Gas

United H1 success secured by Egyptian assets

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 […]

News 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 […]

News Oil & Gas

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 […]