UK Oil & Gas Investments reported high first-half losses on Friday, as well as writing down major assets in Kimmeridge Oil & Gas.
Pre-tax losses for the six months through March stood at £4.4 million, compared to losses of £1.1m on-year. The company said the written down assets were was mostly related to Kimmeridge Oil & Gas, specifically costs associated with drilling an unsuccessful well..
Investment in both exploration and evaluation assets and oil and gas properties increased to £5 million throughout the half year period.
On Thursday the group said it had issued 65.1 million shares to Cuart Investments PCC Ltd and YA II PN Ltd, in a £750,000 loan conversion.
UK Oil & Gas shares traded up 17 percent at 1.61 pence each after the announcement. Following the shares’ admissions to trading, the outstanding amount of the loan will be £1.8 million.
Shares in UK Oil & Gas (LON:UKOG) are currently trading up 10.75 percent at 1.86 (0844GMT).
