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 […]
Tag: UK Oil & Gas plc
UKOG issues 207m shares to reduce £2m loan
UK Oil & Gas plc has issued 206,965,282 ordinary shares to reduce the £2 million loan from lenders RiverFort Global Opportunities PCC Ltd and YA II PN Ltd. Future conversion of the shares will further reduce the principal balance below January’s £660,000 figure. Following admission, the total voting rights in the company will be 3,460,957,892 ordinary shares. […]
UKOG finds no commercial oil in Pinarova-1
UK Oil & Gas plc (UKOG) and its joint venture partner have found no commercial rates of hydrocarbons and have stopped testing at the Pinarova-1 well in Turkey. SEEPAGE UKOG said that drilling and testing results indicated Pinarova had likely penetrated the “southernmost feather edge of a small oil accumulation” within the Germik/Hoya sequence, stretching […]
UKOG secures £3m loan
UK Oil & Gas plc (UKOG) has secured a £3 million loan to fund planned activities over the next 12 months at its onshore operations in England and Turkey. USES The loan, from previous lenders RiverFort Global Opportunities PCC Ltd and YA II PN Ltd, holds 0% interest and is repayable 18 months after each […]
UKOG discovers light oil seep at Resan
UK Oil & Gas plc said its joint venture (JV) partner had discovered a live, light 41.7˚API oil seep in an unused seismic drill hole within the Resan licence in Türkiye. DRILL HOLE Operator Aladdin Middle East (AME) (50%) drilled the hole during the 2022 seismic programme. The drill hole lies approximately 4km north of […]
Court ruling allows UKOG to continue oil production at Horse Hill
UK Oil & Gas plc said that a court ruling has allowed it to continue oil production at Horse Hill in Surrey for the rest of the field’s commercial life. COURT OF APPEAL The company added that the Court of Appeal had refused an appeal by Finch et al to overturn the December 2020 Judicial […]