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 £1.39 million from £1.35 million the year before. Interim revenue drops to £890,000 from £911,000 the year prior. The company also reports an operating loss of £1.32 million, slightly higher from £1.29 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%

Copyright 2023 Alliance News Ltd. All Rights Reserved.