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.
The company behind oil drilling at Horse Hill in Surrey said this morning it had taken a licence stake in south east Turkey in the hope of “rapid monetisation” of reserves.
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.
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.
Egdon Resources has said it is cutting costs because low oil prices following the coronavirus outbreak have hit profitability in its fields.
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 moratorium on fracking, along with planning delays and weak commodity prices are a challenge for the future, Egdon Resources has concluded
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.
As UK Oil & Gas publishes its latest results, DrillOrDrop reviews the company’s holdings, finances, plans and personnel.