TIDMUKOG
RNS Number : 7440D
UK Oil & Gas PLC
28 June 2019
28 June 2019
UK OIL & GAS PLC
("UKOG" or the "Company)
Unaudited results for the six-month period ended 31 March
2019
CHIEF EXECUTIVE'S STATEMENT
I am pleased to present the unaudited results of UK Oil &
Gas PLC ("UKOG") for the six-month period ended 31 March 2019.
Our activities have been dominated by the continued successful
production testing at our flagship Horse Hill oil field. The
extended well tests ("EWT") from the Horse Hill-1 ("HH-1") well
achieved a series of highly significant milestones, culminating in
an aggregate total test production of over 54,000 barrels ("bbl")
of light, sweet, dry crude oil. Test production, to date, comprises
over 29,000 bbl from the Portland, and over 25,000 from the
Kimmeridge. More than 250 tankers of crude have been sold to
Perenco at prevailing Brent oil prices and transported successfully
for onward shipment to Esso's Fawley Refinery near Southampton.
Significantly, for the six-month period under review we
generated GBP1.62 million in receipts from sale of test volumes of
crude oil. These cash-flows are, as per standard industry practice,
offset against ongoing capitalised testing costs at Horse Hill.
Portland testing operations at Horse Hill continued to exceed
our expectations, enabling UKOG's subsidiary company Horse Hill
Developments Ltd ("HHDL") to declare last October that the Portland
oil pool is commercially viable at oil prices significantly below
current levels. Portland test production remained robust,
continuing at a stable 220 barrels of oil per day ("bopd") from the
unstimulated HH-1 vertical well using a very modest pressure
drawdown. The test continues to provide further data necessary to
finalise development plans and surface facility requirements.
We also tested the deeper naturally fractured Kimmeridge
Limestone 3 ("KL3") and KL4 oil pool, which during its initial
50-hour period produced 563 to 771 bopd from the single KL3
perforated zone alone. The 40-41deg API crude oil flowed
continuously to the surface with zero water content. The test data
confirmed that the Kimmeridge oil pool produces from one single
vertically-connected 600ft (200m) or more naturally fractured zone,
extending from the deeper KL2 to at least the top of the KL4 zone.
Oil production is interpreted to come from both naturally fractured
limestones and calcareous shales, which is an unexpected
learning.
The well's performance in the Portland has also underscored
Xodus' and the Company's predictions that future horizontal well
performance could achieve two or more times that of the single
vertical HH-1 well. Recent pressure build-up data also indicate
that the HH-1 well likely "sees" a larger connected oil volume than
the 7 to 11 million barrels Xodus reported last year.
Notably, as of the date of publication of this document, we have
started the civil construction works and a site layout
reorganisation that will see the simultaneous drilling of the new
Portland horizontal development well, HH-2/2z and continued HH-1
test production from the deeper Kimmeridge Limestone oil pool. The
planned "sim-ops" are designed to provide further essential
technical data for the planned production from the two
wellbores.
As previously reported, key approvals and necessary funding are
in place for the forthcoming HH-2/2z drilling and testing
programme. Once the final Oil and Gas Authority ("OGA") drilling
approval is granted and the rig has completed its prior commitments
to other parties, we will then commence operations. At this point
in time we expect drilling to start in summer (Q3) of this calendar
year.
In order to confirm the best HH-1z horizontal well orientation
able to intersect the maximum number of open oil-filled Kimmeridge
natural fractures, the HH-2 vertical pilot hole will be deepened
into the Kimmeridge to obtain key fracture imaging and rock data.
Whilst we remain very positive on the future commercial potential
of Kimmeridge oil play, we have assessed that, for risk mitigation
purposes, we now plan that the Kimmeridge development, commencing
with HH-1z, will likely follow the start of full scale Portland
production from Horse Hill.
Once all regulatory permissions for long-term production are in
place and the field is on stream, we plan to commission a Competent
Person's Report to fully capture Proven and Probable Reserves and
to demonstrate associated discounted cash-flows. At present, it is
UKOG's viewpoint that as Reserves can only be assigned once
production permissions are in place, it is preferential to wait
until long-term production has been fully established rather than
simply upgrade the current Contingent Resources figures which, by
definition, have more uncertainty. Importantly, holding Proven
Reserves will provide collateral for future Reserve-based debt
funding, should it be required. It is envisaged that Reserves-based
debt funding, along with healthy cash-flows will lessen the
requirement for further equity raises via share issues to fund our
future drilling programme.
During the reporting period, we also further increased our
shareholding in HHDL, the Horse Hill field's operator, to a
majority interest of 77.9%. The strategic acquisition of Doriemus'
6% interest means that UKOG holds a 50.635% beneficial interest in
the Horse Hill oil field and the highly prospective surrounding
PEDL137 and PEDL246 licences. UKOG is now firmly positioned to
receive the lion's share of future Horse Hill cash-flow. This
acquisition fits firmly within our stated strategy of targeted
portfolio management to acquire what we believe will add
significant value to our shareholders.
In January 2019, we published our strategy and drilling plans,
which include the drilling of up to nine production, appraisal and
exploration wells over a two year period from 2019 to 2021. Our
primary focus is to deliver continuous oil production at Horse
Hill, via both continued extended well testing plus drilling and
production testing of the new horizontal wells, HH-1z, targeting
the KL2-KL4 oil pool, and HH-2/2z, targeting the Portland oil pool,
our primary short-term production target.
Our application for full Horse Hill production planning
permission is now due to be heard by Surrey County Council (SCC) in
September of this calendar year.
In line with our strategic drilling plan, we continued to make
significant progress at our other assets. In early New Year we
completed a deal with Solo Oil Plc to acquire their 30% holding in
PEDL331 on the Isle of Wight, giving us a 95% interest in the
Arreton Main oil discovery and surrounding look-alike exploration
prospects.
We have selected three drilling sites on the Isle of Wight and
plan this summer to submit the first planning application for an
appraisal drilling and extended well test campaign. An application
for a further exploration well on an Arreton look-alike exploration
prospect will follow shortly afterwards. It is our intention to
ensure our drilling operations take place during the autumn and
winter to avoid the island's tourist season.
The Isle of Wight remains a key focus area for UKOG as it offers
the very real near-term prospect of converting 14.9 million barrels
("mmbbl") of net unrisked Arreton Contingent Resources into Proven
and Probable Reserves, together with the large previously reported
exploration upside. The Arreton South prospect alone contains a
gross unrisked Portland P50 oil in place ("OIP") of 55 mmbbl,
almost twice the Horse Hill Portland pool's P50 OIP. The Directors
believe that further significant OIP potential, as per the Arreton
Main discovery, lies within the underlying Jurassic Inferior Oolite
reservoir.
Our planning application for the Loxley-1/Godley Bridge gas
appraisal well was submitted to SCC in early June 2019 and we
expect to receive a decision before year-end. It is planned that
the appraisal pilot hole, horizontal sidetrack and testing
programme can commence following further production drilling at
Horse Hill. Whilst Loxley is primarily an appraisal well within an
accumulation containing a significant gross gas in place estimated
at around 60 billion cubic feet, the plan also includes a deeper
test of the underlying deeply buried Kimmeridge section lying
within the largest untested Kimmeridge feature in the Weald Basin.
We plan to long-term test any hydrocarbons encountered to assess
commercial viability in as short a time as possible.
In June 2019, we completed a transaction with Europa Oil &
Gas Limited and Union Jack Oil to acquire their respective 20% and
7.5% interests in the highly prospective PEDL143 licence,
containing the A24 Portland and KL exploration prospect. UKOG now
operates the licence holding a 67.5% interest. We are making good
progress in finding a new surface location to drill the A24
prospect, a geological look-alike to the Horse Hill oil field,
which lies on a direct geological trend 8km to the east. The
locations under review fall outside the Surrey Hills Area of
Outstanding Natural Beauty.
In the meantime, the Markwells Wood-1 well (PEDL126) has been
successfully plugged and abandoned, the site restored and made
ready for the planting of native species trees in the autumn, the
traditional planting time for deciduous trees. Our team has ensured
that this project has been completed to the highest standards so
that there remains no trace on the landscape of our modest
activities.
At the end of March this year we raised GBP3.5 million via a
share placing at 1.05p to assess and acquire new opportunities in
the UK onshore and elsewhere. The net proceeds for this were
received in early April. We are currently actively evaluating
several opportunities both in the Weald Basin and overseas, which
is fully in line with our previously stated plans and
prospectus.
There has been considerable local interest in the possible
causes of a series of seismic events in the Newdigate area, close
to Horse Hill. Two eminent experts, Dr Stephen Hicks of Imperial
College London and Dr James Verdon of the University of Bristol,
have both concluded that based on all available evidence, the
earthquakes are most likely to be natural events related to natural
fault movements some 2.3km directly below Newdigate and, crucially,
not induced by nearby human industrial activities taking place at
significantly shallower depths. Dr Hicks was responsible for
placing the seismic monitoring stations around the Newdigate fault
at the request of the British Geological Survey, a world renowned
independent organisation responsible for advancing geoscientific
knowledge of the United Kingdom landmass.
There was also very positive news about the UKOG injunction
against those who wish to unlawfully disrupt UKOG's right to
conduct its lawful business activities. Protesters decided to
launch an appeal, but in May 2019 said they intended to withdraw
prior to the appeal hearing scheduled for 18 June 2019. As the
appellants failed to provide the Judge with the necessary papers
prior to the hearing or file the customary consent form associated
with an appeal withdrawal, the Court of Appeal withdrew their
action from the appeals list. Critically, the injunction order
remains wholly in force as originally made by the High Court.
Whilst it is unclear as to the appellants future direction, their
possible actions are now more limited than before. We are now
considering our position as to recouping our appeal related costs
given the appellants unreasonable behaviour in this matter.
Given that success is only possible through the efforts of good
people, we have also made several significant additions to our core
team, including the arrival of Kris Bone as Operations Director, a
new Company role. Kris has more than 20 years of global oil and gas
experience in drilling, testing and production operations, being
recently Well Engineering Director for IGas Energy. Matt
Cartwright, previously Chief Operating Officer, has now assumed the
new core role of Commercial Director and remains one of UKOG's key
senior management employees. We have also welcomed two new
geoscience professionals into the Company to help address the
increased subsurface evaluation workload related to our burgeoning
activities and operations, as well as reinforcing our excellent
finance team. I wish them all every success.
Operational Review
Health, Safety, Environment and Security
There were no lost time incidents, injuries or reportable
environmental incidents at any of UKOG's sites and we remained
fully HSE compliant during the reporting period. Following the
protester eviction from the Horse Hill site in September 2018,
there have been no further material security incidents at any of
UKOG's sites.
Horse Hill, PEDL137 (UKOG 50.635%)
The Horse Hill-1 EWT, operated by UKOG's subsidiary company HHDL
continued throughout the period.
Flow tests were completed on the KL3, KL4 and commingled KL3/KL4
zones. A second test of the Portland reservoir is ongoing. At the
date of this document, more than 29,000 bbl had been produced from
the Portland, 25,094 bbl from the Kimmeridge, equating to an
aggregate total of over 54,000 bbl overall.
This robust EWT performance led HHDL to declare the Horse Hill
Portland oil discovery to be commercially viable in October
2018.
Preparations are being finalised for a new horizontal drilling
programme at Horse Hill. This will involve the vertical HH-2 pilot
well and HH-2z horizontal sidetrack in the Portland. An electrical
submersible pump will be installed in the horizontal well. HH-2z
will undergo an EWT prior to being put into permanent production,
on receipt of all necessary regulatory approvals.
Planning and permit applications for permanent production have
been submitted to SCC and the EA, respectively. SCC's Planning
Committee is due to determine our application in their September
meeting. A Field Development Plan ("FDP") is being prepared for
submission to OGA. The FDP will focus on development of the HH
Portland, but with continuing production from the Kimmeridge.
Isle of Wight PEDL331 (UKOG 95%)
UKOG is also preparing planning and permit applications for two
well sites on the Isle of Wight (PEDL331). UKOG intends to drill
and test an Arreton-3 oil appraisal well and an Arreton South
exploration well.
Broadford Bridge, Loxley, PEDL234 (UKOG 100%)
There were no activities during the period at the Broadford
Bridge well site, other than monitoring of downhole pressure and
routine regulatory visits.
Land was leased for the Loxley well site. A community
information event was held in late February 2019. A planning
application for drilling and testing of the Loxley-1 gas appraisal
well and sidetrack was submitted to SCC in April 2019. Permit
applications will be submitted to the EA shortly.
Planning and permit applications for a further BB-1y sidetrack
are also being prepared.
PEDL143 A24 Prospect (UKOG 67.5%)
UKOG has become the operator of PEDL143 and is assessing
potential well sites for exploratory drilling. UKOG also acquired
the interests of Europa Oil & Gas and Union Jack Oil, taking
our interest to 67.5%.
Markwells Wood, PEDL126 (UKOG 100%)
The plugging and abandonment of the Markwells Wood-1 (MW-1) oil
well was completed in January 2019. Work is now nearing completion
on the restoration of the MW-1 well site.
Other Assets
Stable oil production at around 140-150 bopd with low water cut
continues from the Horndean oil field in Hampshire (UKOG 10%).
FINANCIAL REVIEW
The operating loss for the six-month period to 31 March 2019 was
GBP1.56 million compared to GBP3.87 million for the same period
last year. This reduction in operating loss was driven by
significantly lower depletion and impairment charges. Within our
operating expenses our administrative expenses increased from
GBP0.93 million to GBP1.56 million driven by increased employee
costs.
Net cash outflow from operations increased to GBP3.45 million,
this was an increase from the same period last year (2018: net cash
outflow of GBP1.76 million). This increase is attributable to the
group decreasing its trade payables, an increase in abandonment
expense and the increase in administrative expenses as highlighted
above.
Our expenditures on exploration and evaluation assets decreased
to GBP3.31 million (2018: GBP4.95 million). In addition we had
GBP1.62 million of receipts from the sale of test volumes, which
further reduced the net cash outflow from investing activities from
GBP5.02 million for the six month ending March 2018 to GBP1.69
million in the current six-month period.
As a result of the lower net cash outflow from investing
activities our cash outflows (prior to financing activities)
reduced to GBP5.15 million (2018: GBP6.79 million).
Cash and cash equivalents at 31 March 2019 was GBP7.2 million
compared to GBP4.5 million on 31 March 2018.
At the end of March this year we raised GBP3.5 million via a
share placing at 1.05 pence to assess and acquire new opportunities
in the UK onshore and elsewhere. The net proceeds were received in
early April and therefore do not appear in the Statement of
cash-flows or in our cash balance.
For further information please contact:
UKOG
Stephen Sanderson / Kiran Morzaria Tel: 01483 900582
WH Ireland (Nominated Adviser and Broker)
James Joyce / James Sinclair-Ford Tel: 0207 220 1666
Cenkos Securities PLC (Joint Broker)
Joe Nally / Neil McDonald Tel: 0207 397 8919
Novum Securities (Joint Broker)
John Bellis Tel: 0207 399 9400
Public Relations
Brian Alexander Tel: 01483 900582
Glossary of Terms:
Term Meaning
degAPI A measure of the density of crude oil, as defined by
the American Petroleum Institute
bopd Barrels of oil per day
calcareous Containing calcium carbonate (limestone)
Contingent Those quantities of petroleum estimated, as of a given
Resources date, to be potentially recoverable from known accumulations,
but the applied project(s) are not yet considered mature
enough for commercial development due to one or more
contingencies. Contingent Resources are further categorised
in accordance with the level of certainty associated
with the estimates and may be sub-classified based on
project maturity and/or characterised by their economic
status.
core or A drilling technique that involves using a doughnut-shaped
coring drilling bit to capture or "cut" a continuous cylinder-shaped
core of undamaged in-situ rock. The core is captured
in a steel pipe or "core barrel" above the bit. Core
is normally cut in 30 feet lengths, or multiples of 30
feet, and normally with a diameter of 3.5 or 4 inches.
Core is taken in petroleum reservoir rocks for detailed
laboratory analyses of petrophysical and geomechanical
parameters
discovery A petroleum accumulation for which one or several exploratory
wells have established through testing, sampling and/or
logging the existence of a significant quantity of potentially
moveable hydrocarbons
drawdown pressure drawdown ( P) is defined as the difference between
the reservoir pressure and the flowing bottom hole pressure.
Drawdown enables fluids to flow from the reservoir into
the wellbore. The magnitude of the drawdown is a major
controlling factors of a well's production rate
extended a well test, as per the permission granted by the Oil
well test and Gas Authority, with an aggregate flow period duration
over all zones of greater than 96 hours
flow test A flow test or well test involves testing a well by flowing
hydrocarbons to the surface, typically through a test
separator. Key measured parameters are oil and gas flow
rates, downhole pressure and surface pressure. The overall
objective is to identify the well's capacity to produce
hydrocarbons at a commercial flow rate
limestone A sedimentary rock predominantly composed of calcite
(a crystalline mineral form of calcium carbonate) of
organic, chemical or detrital origin. Minor amounts of
dolomite, chert and clay are common in limestones. Chalk
is a form of fine-grained limestone. The Kimmeridge Limestones
are effectively chalks being comprised of the remains
of calcareous planktonic algae
mmbbl Million barrels
naturally Fractured reservoirs contain cracks or surface of breakage
fractured within rock; fractures can enhance permeability of rocks
reservoirs greatly by connecting pores together; naturally fractured
reservoirs have been created over geological time by
nature, not man-made via hydraulic fracturing
oil in place The quantity of oil or petroleum that is estimated to
(OIP) exist originally in naturally occurring accumulations
in the ground before any extraction or production
P50 (best a 50% probability that a stated volume will be equaled
estimate) or exceeded
prospect A project associated with a potential accumulation that
is sufficiently well defined to represent a viable drilling
target
Reserves those quantities of petroleum anticipated to be commercially
recoverable by application of development projects to
known accumulations from a given date forward under defined
conditions. Reserves must further satisfy four criteria:
they must be discovered, recoverable, commercial, and
remaining (as of the evaluation date) based on the development
project(s) applied. Reserves are further categorised
in accordance with the level of certainty associated
with the estimates (i.e. Proven, Probable and Possible)
and may be sub-classified based on project maturity and/or
characterised by development and production status
sandstone A clastic sedimentary rock whose grains are predominantly
sand-sized. The term is commonly used to imply consolidated
sand or a rock made of predominantly quartz sand
shale A fissile rock that is formed by the consolidation of
clay, mud, or silt particles, and that has a finely stratified
or laminated structure. Certain shales, such as those
of the Kimmeridge, often contain a significant proportion
of organic material, which when subject to increasing
temperature and pressure over geological time transform
into petroleum (known as petroleum "source rocks")
sidetrack Re-entry of a well from the well's surface location with
drilling equipment for the purpose of deviating from
the existing well bore to achieve production or well
data from an alternative zone or bottom hole location,
or to remedy an engineering problem encountered in the
existing well bore.
Consolidated Income Statement (Unaudited)
for the six months ended 31 March 2019
6 months 6 months
31 Mar
Notes 31 Mar 2019 2018
(Unaudited) (Unaudited)
GBP'000 GBP'000
------------------------------------------ ------ ------------ ------------
Revenue 103 116
Cost of sales (43) (54)
Gross profit 60 62
------------------------------------------ ------ ------------ ------------
Operating expenses
Administrative expenses (1,560) (933)
Foreign exchange gains (19) (2)
Depletion & impairment expense (41) (2,852)
Share-based payment expense - (144)
Other income 4 -
------------------------------------------ ------ ------------ ------------
Operating (loss) (1,555) (3,869)
------------------------------------------ ------ ------------ ------------
Interest expense (144) -
Finance costs (18) (510)
(Loss) from continuing activities before
taxation (1,717) (4,379)
------------------------------------------ ------ ------------ ------------
Taxation - -
------------------------------------------ ------ ------------ ------------
Net (Loss) after tax from continuing
operations (1,717) (4,379)
------------------------------------------ ------ ------------ ------------
(Loss) for the year attributable to:
Owners of the parent (1,599) (4,379)
Non-controlling interest (118) -
(1,717) (4,379)
------------------------------------------ ------ ------------ ------------
Other comprehensive loss
Transfer to income statement - -
------------------------------------------ ------ ------------ ------------
Other comprehensive loss net of taxation (1,717) (4,379)
------------------------------------------ ------ ------------ ------------
(Loss) per share
------------------------------------------ ------ ------------ ------------
Pence Pence
Basic and diluted 2 (0.04) (0.12)
Consolidated Statement of Financial Position (Unaudited)
as at 31 March 2019
30 Sep
Notes 31 Mar 2019 2018
(Unaudited) (Audited)
GBP'000 GBP'000
--------------------------------- ------- ------------ ----------
Assets
Non-current assets
Exploration & evaluation assets 24,584 22,644
Oil & Gas properties 1,442 1,449
Decommissioning asset 361 362
Goodwill 6,290 6,290
Property, Plant & Equipment 249 260
------------------------------------------ ------------ ----------
Total non-current assets 32,926 31,005
------------------------------------------ ------------ ----------
Current assets
Inventory 1 5
Trade and other receivables 4,397 1,215
Cash and cash equivalents 7,282 12,427
------------------------------------------ ------------ ----------
Total current assets 11,680 13,647
------------------------------------------ ------------ ----------
Total Assets 44,606 44,652
------------------------------------------ ------------ ----------
Current liabilities
Trade and other payables (1,757) (2,990)
Borrowings (2,340) (3,533)
------------------------------------------ ------------ ----------
Total current liabilities (4,097) (6,523)
------------------------------------------ ------------ ----------
Non-current Liabilities
Provisions (580) (1,341)
------------------------------------------ ------------ ----------
Total non-current liabilities (580) (1,341)
------------------------------------------ ------------ ----------
Total liabilities (4,677) (7,864)
------------------------------------------ ------------ ----------
Net Assets 39,929 36,788
------------------------------------------ ------------ ----------
Shareholders' Equity
Share capital 12,189 12,141
Share premium account 81,401 75,799
Share-based payment reserve 1,590 1,590
Accumulated losses (55,609) (53,393)
------------------------------------------ ------------ ----------
39,570 36,137
----------------------------------------- ------------ ----------
Non-controlling interest 359 651
36,788
Total shareholders' equity 39,929 -
------------------------------------------ ------------ ----------
Consolidated Statement of Changes in Equity for the 6 months
ended 31 March 2019
Share-based Non controll-ing
Share Share payment Accumul-ated Interests
capital premium reserve losses Total Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------------------------- --------- --------- ------------ ------------- --------- ----------------- ---------
Balance at 1 October
2017 11,938 46,939 1,172 (36,883) 23,166 - 23,166
Loss for the year - - - (16,747) (16,747) - (16,747)
Total comprehensive
income - - - (16,747) (16,747) - (16,747)
-------------------------- --------- --------- ------------ ------------- --------- ----------------- ---------
Issue of shares 203 29,627 - - 29,830 - 29,830
Cost of share issue - (767) - - (767) - (767)
Share option exercised - - (105) 105 - - -
Share option expired - - (132) 132 - - -
Share based payments - - 655 - 655 - 655
Total transactions
with owners 203 28,860 418 237 29,718 - 29,718
-------------------------- --------- --------- ------------ ------------- --------- ----------------- ---------
Non controlling Interest
on acquisition of
subsidiary - - - - - 651 651
-------------------------- --------- --------- ------------ ------------- --------- ----------------- ---------
Balance at 30 September
2018 12,141 75,799 1,590 (53,393) 36,137 651 36,788
-------------------------- --------- --------- ------------ ------------- --------- ----------------- ---------
Loss for the period - - - (1,717) (1,717) (1,717)
Total comprehensive
income - - - (1,717) (1,717) - (1,717)
-------------------------- --------- --------- ------------ ------------- --------- ----------------- ---------
Issue of shares 48 5,812 - - 5,860 - 5,860
Cost of share issue - (210) - - (210) - -
Acquisition of a
non-controlling interest - - - (499) (499) (292) (791)
-------------------------- --------- --------- ------------ ------------- --------- ----------------- ---------
Balance at 31 March
2019 12,189 81,401 1,590 (55,609) 39,571 359 39,929
-------------------------- --------- --------- ------------ ------------- --------- ----------------- ---------
Statement of Cash Flows (Unaudited)
for the six months ended 31 March 2019
6 months 6 months
31 Mar
Notes 31 Mar 2019 2018
(Unaudited) (Unaudited)
GBP'000 GBP'000
---------------------------------------------- ------- ------------ ------------
Cash flows from operating activities
Loss from operations (1,559) (3,869)
Depletion & impairment 41 2,852
Cash effect of provision release (786) -
Decrease / (increase) in inventories 4
Decrease / (increase) in trade and other
receivables 97 (174)
(Decrease) / increase in trade and other
payables (1,232) (715)
------------------------------------------------------- ------------ ------------
Net cash (outflow) from operating activities (3,436) (1,761)
------------------------------------------------------- ------------ ------------
Cash flows from investing activities
Expenditures on exploration & evaluation
assets (3,975) (4,950)
Receipts from sale of test volumes 1,773 -
Expenditures on oil & gas properties (1) (22)
Expenditures on property, plant & equipment (14) (52)
Net cash flows on acquisition of share 652 -
in subsidiary
---------------------------------------------- ------- ------------ ------------
Net cash (outflow) from investing activities (1,565) (5,024)
------------------------------------------------------- ------------ ------------
Cash flows from financing activities
Proceeds from issue of share capital - 92
Interest expense on minority interest
loans (144)
Net proceeds from the issue of convertible
loan notes - 9,490
Net cash inflow from financing activities (144) 9,582
------------------------------------------------------- ------------ ------------
Net change in cash and cash equivalents (5,145) 2,796
------------------------------------------------------- ------------ ------------
Cash and cash equivalents at the beginning
of the period 12,427 1,748
Cash and cash equivalents at the end
of the period 7,282 4,544
------------------------------------------------------- ------------ ------------
Notes to the half-yearly results
1. Basis of preparation
As permitted by IAS 34, 'Interim Financial Reporting' has not
been applied to these half-yearly results. The financial
information of the Company for the six months ended 31 March 2019
have been prepared in accordance with the recognition and
measurement principles of International Financial Reporting
Standards, International Accounting Standards and Interpretations
(collectively "IFRS") issued by the International Accounting
Standards Board ("IASB") as adopted by the European Union ("adopted
IFRS") and are in accordance with IFRS as issued by the IASB. The
condensed interim financial information has been prepared using the
accounting policies which will be applied in the Company's
statutory financial statements for the period ending 30 September
2019.
The financial information shown in this publication is unaudited
and does not constitute statutory accounts as defined in Section
434 of the Companies Act 2006. The comparative figures for the
financial year ended 30 September 2018 have been derived from the
statutory accounts for 30 September 2018. The statutory accounts
have been delivered to the Registrar of Companies. The auditors
have reported on those accounts; their report was unqualified and
did not contain statements under the section 498(2) or 498(3) of
the Companies Act 2006.
2. (Loss) per share
The calculation of the basic and diluted (loss) per share is
based upon
6 months 6 months
31 Mar 2019 31 Mar 2018
(Unaudited) (Unaudited)
Group GBP'000 GBP'000
------------------------------------- -------------- --------------
(Loss) attributable to ordinary
shareholders (1,599) (4,379)
-------------------------------------- -------------- --------------
Number Number
------------------------------------- -------------- --------------
Weighted average number of ordinary
shares for
calculating basic loss per share 4,157,963,641 3,623,661,823
-------------------------------------- -------------- --------------
Pence Pence
------------------------------------- -------------- --------------
Basic and diluted loss per share (0.04) (0.12)
-------------------------------------- -------------- --------------
3. Availability of the Interim Report
Copies of the report will be available from the Company's
registered office and also from the Company's website
www.ukogplc.com
The information contained within this announcement is deemed by
the Company to constitute inside information under the Market Abuse
Regulation (EU) No. 596/2014.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
IR CKODNBBKBOAB
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