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UK Oil & Gas losses deepen on exploration write off

Friday, 15th March 2019
UK Oil & Gas reported a deeper annual loss, partly owing to an exploration write off.

Pre-tax losses for the year through September amounted to £16.7m, compared to losses of £2.3m on-year.

The loss included an exploration write off of £11.6m and was broadened by higher administrative expenses.

UK Oik & Gas holds an operating interest in the Horse Hill discovery in the UK, also known as the Gatwick Gusher, which it hopes will generate revenue soon.

'In order to move our business forwards, we maintain a high level of operational activity, conducting near continuous drilling and flow testing operations since May 2017,' the company said.

'Our forward programme announced in January 2019 will continue this philosophy with nine further wells and flow tests planned over the next two years.'

'This operational programme is designed to bring our first operated field, Horse Hill, into long term production by the end of 2019 and our Arreton oil discovery and Godley Bridge gas discovery, potentially significantly larger than Horse Hill, into long term production testing during 2020.'

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