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UK Oil & Gas losses deepen on exploration write off

By BFN News | 07:54 AM | Friday 15 March, 2019

UK Oil & Gas reported a deeper annual loss, partly owing to an exploration write off. Pre-tax losses for the year through September amounted to £16.7m, compared to losses of £2.3m on-year. The loss included an exploration write off of £11.6m and was broadened by higher administrative expenses. UK Oik & Gas holds an majority and operating interest in the Horse Hill discovery in the UK, also known as the Gatwick Gusher. 'In order to move our business forwards, we maintain a high level of operational activity, conducting near continuous drilling and flow testing operations since May 2017,' the company said. 'Our forward programme announced in January 2019 will continue this philosophy with nine further wells and flow tests planned over the next two years.' 'This operational programme is designed to bring our first operated field, Horse Hill, into long term production by the end of 2019 and our Arreton oil discovery and Godley Bridge gas discovery, potentially significantly larger than Horse Hill, into long term production testing during 2020.' Separately, the company also announced that the aggregate test production from the Portland reservoir at Horse Hill now exceeded 10,000 barrels. Story provided by

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