UK Oil & Gas plc has reported an operating loss of £1.02m for the six months to the end of March 2021.
This was slightly up on the £0.90 million loss for the same period in 2020.
According to interim accounts published today, revenue for the six months increased to £72,000, compared with £8,000 in the previous year. This was the result of the start of oil production at the Horse Hill site in Surrey.
Net cash outflow from operations fell from £1.06 million to £0.96 million. The decrease was because of a fall in trade and other payables, the company said.
Horse Hill, Surrey
UK OG said it had cut total operating costs at the site by 66% from January 2020 to January 2021.
An energy efficiency study concluded savings over the life of the project could be achieved by the installation of 250kw of photovoltaic panels and 67kwh batteries.
A study began in May 2021 on the geothermal energy potential of Horse Hill and the surrounding area, UKOG said.
The public inquiry is scheduled to start on 27 July after refusal of planning permission for the site.
The deadline for drilling an appraisal well in the licence area has been extended by the Oil & Gas Authority to December 2023.
Arreton, Isle of Wight
The decision on a planning application for drilling is expected to be considered by Isle of Wight Council in late summer, UKOG said.
Angus half-year report
Angus Energy has also reported its half-year results.
The company had no earnings from the sale of oil in the six months to 21 March 2021, compared with £68,000 for the same time in 2020. Data from the Oil & Gas Authority shows that Angus Energy produced no oil during this period.
Operating losses were slightly down at £1,443,000, compared with £1,604,000 for the six months a year before.
The company said it had cash of £591,000 and net current assets of £1,351,000.