UK Oil & Gas plc posted a fall in revenue following a decrease in oil production from Horse Hill within PEDL137 and PEDL246 near Gatwick Airport, Surrey.
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Results from six months to 31 March, showed revenue fall to £600,000 while group operating loss decreased to £1 million compared with £1.3m for six months to 31 March 2023.
Net cash outflow from operations decreased to £800,000 (£1.6m) primarily due to working capital movements and operating cash flows from Horse Hill in the period to 31 March 2024.
The company also reduced its 32,539,926,104 ordinary shares of £0.0000001 each on a 10:1 ratio to 3,253,992,610 ordinary shares of £0.000001 each, following approval in the March general meeting.
Post period, UKOG relinquished PEDL246 effective on 30 June following a technical review and remapping.
Potential partner Pennpetro Energy was expected to farm-in to the project by the same date, after the deadline was extended six months from the original March 2023 agreement.