UKOG just announced its six months results, ending 31 March 2015.
Company has cash and equivalent of 8 million Pounds (Including 6 million Pounds raised recently).
Revenue totaled 200,000 Pounds. Loss of 2 pence for the period.
Balance of 9.6 million Pounds debt facility with YA Global master available for drawing.
No comparable period for Revenue Growth
EPS increased from -5 pence in 2014 to -2 pence in 2015 (60% improvement)
Current Ratio 2.63
Debt to Equity Ratio 0.14
Current Licences/Interest held
Horse Hill Approx 20.3%
Avington 5% (producing asset)
Horndean 10% (producing asset)
Baxters Copse 50%
Markwells Wood 100%
Isle of Wight 77.5% (offshore)
Angus Energy 6%
Jointly applied for a 200 km square onshore licence (65% interest) adjacent to the Isle of Wight licence. Awaiting for award.
Next Period
Planning a flow test for Horse Hill.
Continue to pan for an appraisal well for Baxters Copse.
Appraise and develop Markwells Wood.
Undertake well design to drill the M prospect in the Isle of Wight.
New production well being palnned for Angus Energy's Lidsey and Brockham licences.
New static and dynamic reservoir modelling studies will be completed for the Horndean and Avington oil fields.
To expand licence position in Uk onshore exploration.
Still a lot remain to be done but the potential remains huge. Also the coming estimation of oil in place to the isle of Wight should give deeper insight on the potential of the area.
My disclosure: I am long UKOG
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