Europa Oil and Gas saw pre tax losses rise markedly to £5.4m, its accounts for the year to July 2020 revealed today.
The operator of the Horse Hill oil site in Surrey made “substantial losses”, its latest accounts have revealed.
IGas blamed the Covid-19 outbreak and a low oil price for falls in production and revenue, along with a rise in debt, in the first half of the year.
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IGas declared a pre-tax loss of £59.1m for 2019 in its group annual results published today. This was up from £25.1m in 2018.
Plans by IGas to drill and frack for shale gas on Ince Marshes in Cheshire appear to have been shelved.
Losses in IGas more than doubled in 2019 to more than £50m as the company turned its back on shale exploration in north west England, annual accounts have revealed.
Production at Angus Energy’s Saltfleetby gasfield and oil flow at Balcombe would “mark a turnaround in the group’s fortunes” and bring “material cash flow for the first time”, the company said today.
The gas production company, Third Energy, formerly owned by Barclays, has been released from a loan of more than £80m, according to its accounts.
Third Energy, the company behind plans to frack in North Yorkshire, has announced it now has no immediate shale gas plans.