TIDMUKOG
RNS Number : 7248Q
UK Oil & Gas PLC
30 June 2022
30 June 2022
UK OIL & GAS PLC
("UKOG" or the "Company)
Unaudited results for the six-month period ended 31 March
2022
CHIEF EXECUTIVE'S STATEMENT
I am pleased to present the unaudited results of UK Oil &
Gas PLC ("UKOG") for the six-month period ended 31 March 2022.
This interim period was dominated by behind-the-scenes activity
aimed toward securing the Company's recently announced project at
Portland Port in Dorset, which represents a significant source of
possible future value for the Company. As announced post period in
late May 2022, the Company's wholly owned subsidiary, UK Energy
Storage Ltd ("UKEn"), has signed an Agreement to Lease with
Portland Port Limited covering two sites at the former Royal Navy
port, with the intent to develop a planned integrated energy hub,
centred around hydrogen-ready gas storage and a future green
hydrogen generation capability. This project is subject to new
planning consent and securing necessary development finance, but it
promises to be the biggest project the Company has been involved
with, in terms of scope and investment.
UKEn's development will build further upon a project by Portland
Gas Storage Ltd, who were granted planning consent by Dorset County
Council in 2008, to create approximately 43 billion ft(3) ("bcf")
of underground salt cavern storage at the port. That permission of
14 years ago coincided with the global credit crunch of that time,
which led to the project being abandoned in tandem with investor
appetite temporarily diminishing across the world's capital
markets. In today's environment of buoyant markets and the need for
increased domestic gas security this project firmly reinstates
itself as one of significant potential on a national scale and we
hope that this will prove to be a material value catalyst for
UKOG's shareholders.
In short, we hope to build upon that ambition by developing an
integrated energy hub, centred around hydrogen-ready gas storage
and a future green hydrogen generation capability.
Following the Company's announcement, we were delighted to
receive a very positive letter from the Secretary of State ("SoS")
for Business, Energy and Industrial Strategy, the Rt. Hon. Kwasi
Kwarteng, MP, warmly welcoming our project as part of the
government's British Energy Security Strategy. We have been invited
to meet and discuss our plans further with the SoS' advisors.
Since the announcement the Company has held productive talks
with a number of key infrastructure stakeholders and potential
strategic partners.
The Company has been advised by its planning consultants,
Zetland Ltd, that the scale and nature of the energy hub
development is expected to qualify as a Nationally Significant
Infrastructure Project. This would require planning consent to be
sought via an application for a Development Consent Order directly
to the Planning Inspectorate. Ultimate authority over the decision
on whether to issue a DCO would rest with the SoS for Levelling Up,
Housing and Communities.
Portland Port is ideally situated for the construction of large
salt caverns as it overlies a thick, high quality halite section of
Triassic age. Halite deposits with sufficient thickness to
accommodate significant caverns are confined to only three areas of
the UK and are found in Cheshire, the northeast Yorkshire coast, as
well as Dorset.
It's hard to recall a time in recent history in which the
critical importance of energy security and the resilience of the UK
energy system has been so much in the public and governmental eye.
This infrastructure project is fully in keeping with the
government's new British Energy Security and Hydrogen Strategies
and National Grid's 2021 Future Energy Scenarios, both of which
materially strengthen the UK energy system's resilience to supply
and demand shocks, and could provide the foundations for a
potentially significant and strategic element of the future green
hydrogen economy.
The project gives us the opportunity to advance pilot scale
green hydrogen production and storage, together with hydrogen
battery concept investigation. The Company plans to develop future
potential to supply renewable electricity for green hydrogen
production at the site via an over-the-horizon floating wind
farm.
Having now successfully secured the project, the Company intends
to complete further detailed engineering and commercial studies in
conjunction with the preparation and submission of a detailed
planning application.
Loxley, Broadford Bridge, PEDL234
It was with great pleasure that we learned that Stuart Andrew
MP, Minister for Housing acting for the SoS for Levelling Up,
Housing and Communities, had upheld our appeal against Surrey
County Council's refusal of planning for the Loxley gas project.
With both planning and environmental consents in hand the Loxley
gas project can now, finally, go ahead.
Our wholly-owned Loxley conventional gas and hydrogen feedstock
project was refused twice by Surrey County Council in June and
November 2020 by a slim 6-5 majority, before a virtual public
inquiry was held in August 2021.
This backing for Loxley's gas as a secure, sustainable energy
source with a far lower pre-combustion carbon footprint than
imports, makes strategic, economic and environmental good sense. We
look forward to moving the Loxley project forwards and to working
constructively with the local community.
Nevertheless, it was, perhaps, predictable but still extremely
disappointing to read unsubstantiated comments from Jeremy Hunt,
the MP for the Loxley/Dunsfold area in South West Surrey. He
claimed that Loxley's natural gas had no part in the UK's future
energy supply and that the development would cause environmental
damage. His assertions were incorrect, as I pointed out in
correspondence to him. He disregarded the scenarios envisaged in
the Prime Minister's British Energy Security Strategy, the UK
Hydrogen Strategy, National Grid's Future Energy Scenarios and CCC
forecasts, where natural gas plays a significant role in the energy
transition as a feedstock for reforming into blue hydrogen.
It is a matter of public record that the Environment Agency
("EA") granted UKOG a full environmental permit covering all
aspects of the proposed Loxley operation in June 2020. UKOG acts in
obeyance of all environmental rules and regulations and can cite an
excellent compliance record in all such regulatory areas.
Within the same licence, the Company's planning permission
extension application to West Sussex County Council's Planning
Committee for its Broadford Bridge-1/1z Kimmeridge oil discovery
was approved post period.
Turkey, Resan Licence
Much of our focus in Turkey has been upon the acquisition,
processing and interpretation of the new seismic data, following
the operator Aladdin Middle East's decision in August 2021 to
temporarily halt drilling of the proposed Basur-3 mechanical
sidetrack until new seismic over the target area was acquired. UKOG
has a 50% non-operating working interest in the 305 km(2) Resan
licence.
The phase 1 2D seismic programme and geological mapping have now
been completed and demonstrate that the Basur closure, within which
Basur-1 ("B-1") is reported to have recovered 500 barrels of light
35˚API oil to surface over a 6-hour period during testing in the
1960s, looks to extend further to the west than originally mapped,
with a possible culmination up to 200m shallower than at B-1. The
new seismic also clearly demonstrates the presence of a major
backthrust fault to the south of Basur-3 ("B-3"), something not
evident on the original legacy seismic and explains why the
reservoir section was not encountered in the B-3 well.
It was always UKOG's view that, due to the fault uncertainty, if
a well were not targeted to directly intersect the reservoir at the
exact B-1 subsurface location, the possibility of coming in lower
than prognosis remained material. This is why we insisted on a
sidetrack contingency as part of the operation.
Consideration is, therefore, being given by the JV to the
acquisition of a small infill phase 2 seismic programme to define a
further Basur drilling location up-dip to the northwest of B-1 and
B-3. This location would be designed to offer the ability to test
the Garzan and Mardin reservoirs within the Basur structure via a
less complex vertical well, a potentially lower risk lower cost
option than the envisaged B-3 sidetrack ("B-3S").
Whilst B-3S still remains a solid option, the new seismic
clearly indicates that it would require a longer and higher angle
trajectory than previously envisaged, involving drilling through
the major backthrust fault at a high angle within potentially
heavily fractured limestone rocks. This situation potentially adds
to the risks of losing mud circulation and becoming stuck in hole.
Whilst this can be mitigated against by detailed operational
planning, and the correct rig and equipment choices, it can
increase the drilling risk, complexity and cost.
Further geological information obtained from legacy wells in the
Resan area indicated that, whilst oil shows were encountered at
similar levels to B-1, questions arose as to reservoir quality and
the increased chance of fractures acting as conduits for underlying
formation water ingress. Consequently, at this time, plans for a
Resan-6 ("R-6") well have been put on hold and the partnership will
focus on the Basur area, where oil has flowed to surface at
reported good rates.
Consequently, the joint venture will carefully consider its next
step in the Resan Licence to ensure we maximise our chances for a
successful outcome.
Horse Hill, PEDL137 and PEDL246 (UKOG 85.64%)
We recently had positive news at the Horse Hill oil field, which
is operated by UKOG's subsidiary company Horse Hill Developments
Ltd. The EA granted a full Production Permit, enabling production
and water re-injection operations, incineration of waste gas,
maintenance/workovers and the drilling of further development
wells. We first made this application in September 2019, 31 months
prior the permit.
In addition, the North Sea Transition Authority ("NSTA"),
formerly the Oil and Gas Authority, granted consent post period for
the conversion of the Horse Hill-2z into a saline water reinjection
well. NSTA also approved the related Horse Hill Field Development
Plan Addendum.
With both the EA and NSTA permissions in hand, UKOG can now
further expedite its plans for produced saline formation water
reinjection at Horse Hill during 2022, which, if implemented, would
remove the need for costly transportation and disposal of produced
water at distant third-party sites. In conjunction technical
planning for further development drilling will now progress.
OPERATIONAL REVIEW
H ealth, Safety and Environment
Once again there were no Lost Time Incidents, reportable
environmental incidents or health issues on any of UKOG's sites
during the period or post period. The operational team maintain
focus on health, safety, and environmental performance as it is our
number one priority.
Modifications at the Horse Hill site are continuing in order to
comply with The Control of Major Accident Hazards regulations
(lower tier), as well as other regulations. Liaison continues
ongoing with the Health and Safety Executive and the EA to ensure
the Horse Hill site satisfies these regulations.
Post period the EA granted a full production permit for the
Horse Hill field.
Portland Energy-Hub
UKEn has signed an Agreement to Lease with Portland Port Limited
("PPL") covering two sites at the former Royal Navy port in Dorset,
with the intent to develop, subject to new planning consent and
securing necessary development finance, a planned integrated
Energy-Hub, centred around hydrogen-ready gas storage and a future
green hydrogen generation capability.
UKEn's planned Energy-Hub development concept seeks to
reinvigorate and build further upon a prior unrealised project by
Portland Gas Storage Ltd, granted planning consent by Dorset County
Council in 2008, to situate approximately 43 bcf (1.2 billion m(3)
or "bcm") of underground salt cavern storage beneath PPL's
land.
The planned new Energy-Hub is envisaged to include the following
key elements:
-- A strategically located hydrogen-ready Energy-Hub within an active harbour site
-- Construction of up to 43 bcf (1.2 bcm) of hydrogen-ready
Triassic salt cavern storage. For context, if this capacity is
ultimately achieved it would materially increase the UK's current
reported 61 bcf (1.7 bcm) total working underground gas storage
capacity. The envisaged hydrogen-ready build also means the site
could hold either hydrogen or natural gas from operational
inception
-- Salt cavern storage would be linked to the national pipeline
transmission system ("NTS") via a new planned hydrogen-ready
pipeline. As per the prior 2008 project, the new pipeline would be
designed with a nameplate capacity up to 1 bcf/day (28 million
m(3)/day). For context, this throughput capacity, if achieved,
would equate to approximately one seventh (14%) of current
estimated UK daily natural gas consumption
-- Pilot scale green hydrogen production and storage, together
with hydrogen battery concept investigation. The Company plans to
develop future potential to supply renewable electricity for green
hydrogen production at the site via an over-the-horizon floating
wind farm
-- Addition of a new planned LNG import facility in the port,
designed to be used as a possible feedstock for blue hydrogen
within the proposed UK Southern Pathway Hydrogen Hub and to help
optimise cavern-fill cycle times and maximise revenues during the
energy transition. Our ambition is for LNG to be sourced from UK
allies/secure suppliers (e.g. USA and Qatar)
-- Development planned to be 'future-proofed' by engineering
designed to transition seamlessly into green hydrogen production,
import/export and storage as the 'hydrogen economy' evolves
-- Local high geothermal heat gradient to be investigated for
possible local heat network and/or to power green hydrogen
production
-- The Company and PPL will also jointly investigate the
potential for using future green hydrogen generation at the port to
directly fuel future hydrogen propelled ships. The possibility of
future green hydrogen export by ship will also be explored
-- The Triassic Sherwood sandstones lying beneath the salt
sequence also offer carbon capture and storage upside
potential.
Turkey, Resan Licence (UKOG 50%)
The Basur-Resan anticline containing the Basur-1 oil discovery
is located within the surrounding 305 km(2) Resan M47-b1, b2
licence, in which UKOG's wholly owned subsidiary, UKOG Turkey Ltd,
holds a 50% non-operated interest.
A Resan Licence Operating Committee meeting was held in Ankara,
the first face to face meeting permitted since the Covid pandemic,
approved the 2022 work programme and budget for seismic acquisition
and drilling.
Further to AME's August 2021 decision to temporarily halt
drilling of the proposed B-3 mechanical sidetrack until new seismic
over the target area was acquired, Viking Geophysical Services
completed acquisition of phase 1 of the 2D seismic programme
comprising 55 km covering the priority B-3S and R-6 proposed well
trajectories.
Abu Dhabi based BGP completed the phase 1 seismic processing.
Existing legacy seismic data has been reprocessed and pre-stack
depth migration processing of the new data was also completed.
The Company's geophysicist was present during acquisition
operations and provided oversight of the acquisition and
processing.
Geological mapping utilising the new PSDM data has been
completed and revised drilling prognoses have been prepared. These
are being used to fine tune operational planning for B-3S and for
aless complex vertical B-4 well, designed to test the culmination
of the Basur end of the Basur-Resan anticline (i.e., where the
objective section is closest to the surface). A rig tender process
was conducted and contractor selected, although drilling slots in
Turkey have likely extended further into late summer/early autumn
2022.
Given the new seismic indicates B-3S requires a longer and
higher angle trajectory than previously envisaged, the joint
venture is considering the merits and potential cost savings of
drilling the simpler B-4 before the more complex B-3S. It is
prudently considered a small amount of further infill 2D seismic
may be acquired to de-risk an optimum subsurface
B-4 target and corresponding surface site location to support
the lowest risk and complexity drilling path. The Company is now in
the process of evaluating well costs, technical risks and final
operator recommendations in this respect before confirming its
position. Further prospectivity in the licence has also been
identified.
In the interests of maximising cost efficiencies, plans have
been implemented for surplus UKOG-owned casing to be used during
drilling, thus reducing UKOG's net costs.
During our Ankara visit, it was confirmed that AME and the
Company's bid for new licences in last year's Turkish mini-licence
round was unsuccessful. The mini licence round attracted several
other bidders including the Turkish national oil company TPAO.
Although disappointing given the work programme offered, the bid
was ancillary to the Company's focus of appraising Basur-Resan.
The Company continues to look for additional projects in Turkey
and has reviewed a further new opportunity to the southeast of our
Resan licence. This contains an interesting and potentially
material undrilled anticlinal feature analogous to both East Sadak
and Basur-Resan.
Horse Hill Oil Field, PEDL137 and PEDL246 (UKOG 85.64%)
The field and surrounding licence is operated by UKOG's
subsidiary company Horse Hill Developments Ltd ("HHDL") in which
UKOG has 77.9% ownership. The Licensees are HHDL (65% interest) and
UKOG (137/246) Ltd (35% interest).
The NSTA granted consent post period for the conversion of the
Horse Hill-2z into a saline water reinjection well. NSTA also
approved the related Horse Hill Field Development Plan Addendum.
With both the EA and NSTA permissions in hand, UKOG can now further
expedite its plans for produced saline formation water reinjection
at Horse Hill during 2022, which, if implemented, would remove the
need for costly transportation and disposal of produced water at
distant third-party sites.
Further infill development of both Portland (HH-3 well) and
Kimmeridge (HH-4 well) offer significant upside for the Horse Hill
field. Technical planning for future infill drilling will now
progress.
Planned shutdowns were successfully completed to install new
surface production facilities in line with requirements under the
Control of Major Accident Hazards (COMAH) Regulations. In addition,
a new more efficient gas flare was installed and commissioned
successfully at Horse Hill.
As of end-May 171,000 bbl of Brent quality crude had been
produced and exported from the Kimmeridge and Portland pools.
Recent Brent crude prices of over $120/bbl have helped operational
cash flow from the field.
The Company announced the signing of a Heads of Terms with
geothermal technology specialists Ceraphi to enter into a joint
venture agreement to develop part of the Horse Hill site into a
geothermal energy hub (GeoHub). The GeoHub, currently at a
conceptual stage, is targeted to generate and supply more than
200,000 MWh per year of continuous baseload, primarily as heat
energy. The project's first phase would aim to supply significant
industrial end-users in the locality with 100% green heating and
cooling plus ancillary green electricity and/or hydrogen. Concept
work continues to move forward on this project including positive
discussions with potential energy offtakers.
NSTA granted a one-year extension to the remaining deadline for
the PEDL137 Retention Area work programme.
Loxley, Broadford Bridge, PEDL234 (UKOG (234) 100%)
Following Surrey County Council's ("SCC") refusal of planning
consent for UKOG's Loxley conventional gas and hydrogen feedstock
project and UKOG's appeal to the Planning Inspectorate, the
Planning Inspectorate advised that the Secretary of State ("SoS")
had recovered the appeal.
The Planning Inspectorate's report recommending the appeal by
granted was submitted to the SoS in March and post period the final
appeal determination by the SoS granted UKOG's appeal, subject to
conditions. With both planning and environmental consents in hand
the Loxley gas project can now finally proceed ahead .
The Company's planning permission extension application to West
Sussex County Council's Planning Committee for its Broadford
Bridge-1/1z Kimmeridge oil discovery was approved post period.
Arreton, Isle of Wight, PEDL331 (UKOG 95%)
The Company decided not to appeal the decision by the Isle of
Wight Council to refuse UKOG's planning application for the
appraisal drilling and flow testing of the Arreton oil discovery.
The Company has subsequently relinquished the associated PEDL331
licence.
Other Assets
Stable oil production with low water cut continues from the
Horndean oil field in Hampshire (UKOG 10%).
UKOG is actively reviewing geothermal and energy storage
opportunities onshore UK with potential collaborative partners with
further advancement in these developing areas anticipated moving
forward.
FINANCIAL REVIEW
The operating loss for the six months to 31 March 2022 was
GBP1.29 million compared to GBP1.01 million for the same period
last year. Revenue for the six months saw an increase from GBP0.72
million to GBP0.91 million, which was a result of production of
Horse Hill field and increased Brent crude prices.
Net cash outflow from operations increased from GBP0.96 million
to GBP1.39 million; this increase was driven by working capital
movements and lower administrative costs in the comparative period,
which reflected the impact of interim salary cuts effective during
that time.
For further information please contact:
UK Oil & Gas PLC
Stephen Sanderson / Matt Gormley / Allen Tel: 01483 941493
D Howard
WH Ireland Ltd (Nominated Adviser and
Broker)
James Joyce / Andrew de Andrade Tel: 020 7220 1666
Communications
Brian Alexander Tel: 01483 941493
Glossary of Terms:
Term Meaning
deg API A measure of the density of crude oil, as defined by
the American Petroleum Institute
bbl Barrels
bopd Barrels of oil per day
calcareous Containing calcium carbonate (limestone)
discovery A petroleum accumulation for which one or several exploratory
wells have established through testing, sampling and/or
logging the existence of a significant quantity of
potentially moveable hydrocarbons
limestone A sedimentary rock predominantly composed of calcite
(a crystalline mineral form of calcium carbonate) of
organic, chemical or detrital origin. Minor amounts
of dolomite, chert and clay are common in limestones.
Chalk is a form of fine-grained limestone. The Kimmeridge
Limestones are effectively chalks being comprised of
the remains of calcareous planktonic algae
prospect A project associated with a potential accumulation
that is sufficiently well defined to represent a viable
drilling target
sandstone A clastic sedimentary rock whose grains are predominantly
sand-sized. The term is commonly used to imply consolidated
sand or a rock made of predominantly quartz sand
sidetrack Re-entry of a well from the well's surface location
with drilling equipment for the purpose of deviating
from the existing well bore to achieve production or
well data from an alternative zone or bottom hole location,
or to remedy an engineering problem encountered in
the existing well bore.
Consolidated Income Statement (Unaudited)
for the six months ended 31 March 2022
6 months 6 months
31 March 31 March
2022 2021
(Unaudited) (Unaudited)
GBP'000 GBP'000
------------------------------------------ ------------ ------------
Revenue 911 721
Depletion, Depreciation and Amortisation (268) (273)
Other Cost of sales (408) (544)
Gross profit / (loss) 235 (96)
------------------------------------------ ------------ ------------
Operating expenses
Administrative expenses (1,402) (915)
Foreign exchange losses (119) (17)
Other income - 1
------------------------------------------ ------------ ------------
Operating loss (1,286) (1,010)
------------------------------------------ ------------ ------------
Finance costs (70) (12)
Loss before taxation (1,356) (1,021)
------------------------------------------ ------------ ------------
Taxation - -
------------------------------------------ ------------ ------------
Retained loss for the period (1,356) (1,021)
------------------------------------------ ------------ ------------
Retained loss attributable to:
Owners of the parent (1,344) (1,021)
Non-controlling interest (12) -
(1,356) (1,021)
------------------------------------------ ------------ ------------
There are no other comprehensive income or expenses during the
two reported periods to disclose.
All operations are continuing.
Earnings per share
------------------------------------------ ------------ ------------
Pence Pence
Basic and diluted 2 (0.01) (0.01)
Consolidated Statement of Financial Position (Unaudited)
as at 31 March 2022
31 March 31 March
2022 2021
(Unaudited) (Unaudited)
GBP'000 GBP'000
--------------------------------- ------------ ------------
Assets
Non-current assets
Exploration & evaluation assets 31,310 25,594
Oil & Gas properties 5,506 6,771
Decommissioning asset - 285
Property, Plant & Equipment 1,607 1,772
---------------------------------- ------------ ------------
Total non-current assets 38,423 38,544
---------------------------------- ------------ ------------
Current assets
Inventory 1 1
Trade and other receivables 750 2,470
Cash and cash equivalents 2,325 1,944
---------------------------------- ------------ ------------
Total current assets 3,076 4,418
---------------------------------- ------------ ------------
Total Assets 41,499 42,962
---------------------------------- ------------ ------------
Trade and other payables (821) (3,271)
Borrowings (3,092) (3,086)
Total current liabilities (3,913) (6,356)
---------------------------------- ------------ ------------
Provisions (1,442) (1,031)
Non-current Liabilities (1,442) (1,031)
---------------------------------- ------------ ------------
Total liabilities (5,355) (7,388)
---------------------------------- ------------ ------------
Net Assets 36,144 35,574
---------------------------------- ------------ ------------
Shareholders' Equity
Share capital 13,208 12,879
Share premium account 107,097 102,058
Share-based payment reserve 2,056 1,811
Accumulated losses (85,927) (81,287)
---------------------------------- ------------ ------------
36,434 35,461
--------------------------------- ------------ ------------
Non-controlling interest (290) 113
Total shareholders' equity 36,144 35,574
---------------------------------- ------------ ------------
Statement of Cash Flows (Unaudited)
for the six months ended 31 March 2022
6 months 6 months
31 March 31 March
2022 2021
(Unaudited) (Unaudited)
GBP'000 GBP'000
--------------------------------------------- ------------ ------------
Cash flows from operating activities
Loss from operations (1,286) (1,010)
Depletion & impairment 268 273
Decrease / (increase) in inventories - 1
Decrease / (increase) in trade and other
receivables (122) (943)
(Decrease) / increase in trade and other
payables (248) 720
---------------------------------------------- ------------ ------------
Net cash outflow from operating activities (1,388) (961)
---------------------------------------------- ------------ ------------
Cash flows from investing activities
Expenditures on exploration & evaluation
assets (890) (345)
Expenditures on oil & gas properties (122) -
Expenditures on property, plant & equipment (2) (550)
---------------------------------------------- ------------ ------------
Net cash outflow from investing activities (1,014) (895)
---------------------------------------------- ------------ ------------
Cash flows from financing activities
Proceeds from issue of share capital - 2,310
Interest expense on minority interest
loans - (144)
Net cash inflow from financing activities - 2,166
---------------------------------------------- ------------ ------------
Net change in cash and cash equivalents (2,402) 310
---------------------------------------------- ------------ ------------
Cash and cash equivalents at the beginning
of the period 4,727 1,634
Cash and cash equivalents at the end
of the period 2,325 1,944
---------------------------------------------- ------------ ------------
Notes to the half-yearly results
1. Basis of preparation
As permitted by IAS 34, 'Interim Financial Reporting' has not
been applied to these half-yearly results. The financial
information of the Company for the six months ended 31 March 2022
have been prepared in accordance with the recognition and
measurement principles of International Financial Reporting
Standards, International Accounting Standards and Interpretations
(collectively "IFRS") issued by the International Accounting
Standards Board ("IASB") as adopted by the European Union ("adopted
IFRS") and are in accordance with IFRS as issued by the IASB. The
condensed interim financial information has been prepared using the
accounting policies which will be applied in the Company's
statutory financial statements for the period ending 30 September
2022.
The financial information shown in this publication is unaudited
and does not constitute statutory accounts as defined in Section
434 of the Companies Act 2006. Comparative figures for the
financial year ended 30 September 2021 have been derived from the
statutory accounts for 30 September 2021. The statutory accounts
have been delivered to the Registrar of Companies. The auditors
have reported on those accounts; their report was unqualified and
did not contain statements under the section 498(2) or 498(3) of
the Companies Act 2006.
2. (Loss) per share
The calculation of the basic and diluted (loss) per share is
based upon
6 months 6 months
31 March
31 March 2022 2021
(Unaudited) (Unaudited)
Group GBP'000 GBP'000
------------------------------------- --------------- --------------
(Loss) attributable to ordinary
shareholders (1,344) (1,021)
-------------------------------------- --------------- --------------
Number Number
------------------------------------- --------------- --------------
Weighted average number of ordinary
shares for
calculating basic loss per share 16,239,233,251 7,095,087,349
-------------------------------------- --------------- --------------
Pence Pence
------------------------------------- --------------- --------------
Basic and diluted loss per share (0.01) (0.01)
-------------------------------------- --------------- --------------
3. Availability of the Interim Report
Copies of the report will be available from the Company's
registered office and also from the Company's website
www.ukogplc.com
The information contained within this announcement is deemed to
constitute inside information as stipulated under the retained EU
law version of the Market Abuse Regulation (EU) No. 596/2014 (the
"UK MAR") which is part of UK law by virtue of the European Union
(Withdrawal) Act 2018. The information is disclosed in accordance
with the Company's obligations under Article 17 of the UK MAR. Upon
the publication of this announcement, this inside information is
now considered to be in the public domain.
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