30th Jun 2014 14:41
LONDON (Alliance News) - UK Oil & Gas Investments PLC Monday said its losses widened in the first half of the year.
The company posted a pretax loss of GBP290,000 for the six months to March 31, compared with a GBP70,000 loss a year earlier, all of which it said related to administration costs.
However, the company gave a positive outlook for the remainder of the year.
"The next financial year should see significant developments at two of Angus Energy's licences (Lidsey and Brockham) with new production wells being planned on both prior to the end of 2014. We should also know the outcome of the Horse Hill-1 well, which is scheduled to spud in July 2014," said Chairman David Lenigas in a statement.
The Horse Hill-1 well is scheduled to be completed by the end of August 2014, testing conventional stacked oil targets at the Portland sandstone, Corallian sandstone and Great Oolite limestone levels.
UK Oil & Gas Investments shares were up 17% at 1.35 pence Monday afternoon.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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