IGas has confirmed it has relinquished the Tinker Lane shale gas licence in Nottinghamshire and written off £10m in exploration costs. But the company said it was continuing to work with regulators and government to end the moratorium on fracking in England.
Union Jack Oil reported today it had made about US$300,000 (£217,000) from test production at the Wressle well in North Lincolnshire.
The UK’s largest producing onshore oil producer lost more than £100m last year, according to company accounts.
Final consent had not yet been granted for the stimulation of the Wressle oil well in North Lincolnshire, Union Jack Oil confirmed today. But the company announced that tests on wells at two West Newton sites in East Yorkshire were expected soon.
The Horse Hill oil field in Surrey, once described by its owner as world class, was likened today to a “talented but troublesome teenager”.
IGas saw revenue drop by nearly half last year following production cuts and a falling oil price during the Covid-19 pandemic.
Egdon Resources reported a £4.75m loss today, along with falling production and revenues.
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.