26th Jun 2023 15:17
UK Oil & Gas PLC - London-based exploration and production company focused on UK and Turkey - Says in its six months ended March 31 that its pretax loss slightly widens to GBP1.39 million from GBP1.35 million the year before. Interim revenue drops to GBP890,000 from GBP911,000 the year prior. The company also reports an operating loss of GBP1.32 million, slightly higher from GBP1.29 million.
This interim report follows the news that the company will defend its gas project plans in Horse Hill, Surrey in the Supreme Court after local residents have tried to reverse planning permission that has been granted.
The company declares no dividend; unchanged from this point last year.
"The interim period was dominated by progress made by the company's wholly-owned subsidiary, UK Energy Storage Ltd, at Portland Port in Dorset, which plans to provide key enabling hydrogen energy infrastructure to help the UK realise a future powered by home-grown renewable energy," said Chief Executive Officer Deirdre Mitchell.
Current stock price: up 0.9% at 0.059 pence in London on Monday afternoon
12-month change: down 55%
By Will Neill, Alliance News reporter
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