UK Oil & Gas plc said it has raised £2.2million to fund its share of initial drilling and seismic costs for the Turkish Resan oil project. UKOG announced on 23 July 2020 that it had signed a binding heads of agreement with Aladdin Middle East Ltd (AME) to take a 50% interest in the oil […]
Tag: oil
UKOG soon to resume oil production at Horse Hill
UK Oil & Gas plc (UKOG) expects to resume oil production soon following the arrival of a small workover rig at the company’s Horse Hill site north of Gatwick. Planned routine intervention operations at UKOG 85.635% owned Horse Hill-1 well have also started. The short intervention aims to optimise oil flow via reperforating the full […]
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 […]
Argos seeks licence extension and partners after H1 losses
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 […]
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 […]