IGas saw revenue drop by nearly half last year following production cuts and a falling oil price during the Covid-19 pandemic.
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.
Losses in Union Jack Oil more than doubled in the first half of 2020, compared with the same period last year.
UK Oil & Gas plc said today it had delayed its capital expenditure programme because of the covid-19 outbreak.
Europa Oil & Gas, one of the main investors in oil production plans at Wressle, announced today it had cut salaries and cancelled non-core contracts because of the coronavirus outbreak and oil price falls.
Investors and anti-drilling campaigners have criticised proposals by Angus Energy to use money intended for decommissioning to connect a shut-in gas field to the grid.
The onshore oil and gas company, Union Jack Oil has announced a loss of £1.1m in its accounts for 2018, published today. This compares with a deficit of £0.75m in 2017.
Drilling is now underway at Biscathorpe, Misson and West Newton – and what will happen this month at Preston New Road and Tinker Lane? Also in February, the inquiry reconvenes into IGas testing plans at Ellesmere Port.
IGas said this morning it was having talks with a “potential strategic investor” as it headed towards a predicted failure to meet financial obligations.