REG - UK Oil & Gas PLC - Interim Results

UK Oil & GasAnnouncement

30/06/2022 07:15

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RNS Number : 7248Q  UK Oil & Gas PLC  30 June 2022

 
 
30 June 2022

UK OIL & GAS PLC

("UKOG" or the "Company)

 

Unaudited results for the six-month period ended 31 March 2022

 

 

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 2022.

 

This interim period was dominated by behind-the-scenes activity aimed toward
securing the Company's recently announced project at Portland Port in Dorset,
which represents a significant source of possible future value for the
Company. As announced post period in late May 2022, the Company's wholly owned
subsidiary, UK Energy Storage Ltd ("UKEn"), has signed an Agreement to Lease
with Portland Port Limited covering two sites at the former Royal Navy port,
with the intent to develop a planned integrated energy hub, centred around
hydrogen-ready gas storage and a future green hydrogen generation capability.
This project is subject to new planning consent and securing necessary
development finance, but it promises to be the biggest project the Company has
been involved with, in terms of scope and investment.

 

UKEn's development will build further upon a project by Portland Gas Storage
Ltd, who were granted planning consent by Dorset County Council in 2008, to
create approximately 43 billion ft³ ("bcf") of underground salt cavern
storage at the port. That permission of 14 years ago coincided with the global
credit crunch of that time, which led to the project being abandoned in tandem
with investor appetite temporarily diminishing across the world's capital
markets. In today's environment of buoyant markets and the need for increased
domestic gas security this project firmly reinstates itself as one of
significant potential on a national scale and we hope that this will prove to
be a material value catalyst for UKOG's shareholders.

 

In short, we hope to build upon that ambition by developing an integrated
energy hub, centred around hydrogen-ready gas storage and a future green
hydrogen generation capability.

 

Following the Company's announcement, we were delighted to receive a very
positive letter from the Secretary of State ("SoS") for Business, Energy and
Industrial Strategy, the Rt. Hon. Kwasi Kwarteng, MP, warmly welcoming our
project as part of the government's British Energy Security Strategy. We have
been invited to meet and discuss our plans further with the SoS' advisors.

 

Since the announcement the Company has held productive talks with a number of
key infrastructure stakeholders and potential strategic partners.

 

The Company has been advised by its planning consultants, Zetland Ltd, that
the scale and nature of the energy hub development is expected to qualify as a
Nationally Significant Infrastructure Project. This would require planning
consent to be sought via an application for a Development Consent Order
directly to the Planning Inspectorate. Ultimate authority over the decision on
whether to issue a DCO would rest with the SoS for Levelling Up, Housing and
Communities.

 

Portland Port is ideally situated for the construction of large salt caverns
as it overlies a thick, high quality halite section of Triassic age. Halite
deposits with sufficient thickness to accommodate significant caverns are
confined to only three areas of the UK and are found in Cheshire, the
northeast Yorkshire coast, as well as Dorset.

 

It's hard to recall a time in recent history in which the critical importance
of energy security and the resilience of the UK energy system has been so much
in the public and governmental eye. This infrastructure project is fully in
keeping with the government's new British Energy Security and Hydrogen
Strategies and National Grid's 2021 Future Energy Scenarios, both of which
materially strengthen the UK energy system's resilience to supply and demand
shocks, and could provide the foundations for a potentially significant and
strategic element of the future green hydrogen economy.

 

The project gives us the opportunity to advance pilot scale green hydrogen
production and storage, together with hydrogen battery concept investigation.
The Company plans to develop future potential to supply renewable electricity
for green hydrogen production at the site via an over-the-horizon floating
wind farm.

 

Having now successfully secured the project, the Company intends to complete
further detailed engineering and commercial studies in conjunction with the
preparation and submission of a detailed planning application.

 

Loxley, Broadford Bridge, PEDL234

 

It was with great pleasure that we learned that Stuart Andrew MP, Minister for
Housing acting for the SoS for Levelling Up, Housing and Communities, had
upheld our appeal against Surrey County Council's refusal of planning for the
Loxley gas project. With both planning and environmental consents in hand the
Loxley gas project can now, finally, go ahead.

 

Our wholly-owned Loxley conventional gas and hydrogen feedstock project was
refused twice by Surrey County Council in June and November 2020 by a slim
6-5 majority, before a virtual public inquiry was held in August 2021.

 

This backing for Loxley's gas as a secure, sustainable energy source with a
far lower pre-combustion carbon footprint than imports, makes strategic,
economic and environmental good sense. We look forward to moving the Loxley
project forwards and to working constructively with the local community.

 

Nevertheless, it was, perhaps, predictable but still extremely disappointing
to read unsubstantiated comments from Jeremy Hunt, the MP for the
Loxley/Dunsfold area in South West Surrey. He claimed that Loxley's natural
gas had no part in the UK's future energy supply and that the development
would cause environmental damage. His assertions were incorrect, as I pointed
out in correspondence to him. He disregarded the scenarios envisaged in the
Prime Minister's British Energy Security Strategy, the UK Hydrogen Strategy,
National Grid's Future Energy Scenarios and CCC forecasts, where natural gas
plays a significant role in the energy transition as a feedstock for reforming
into blue hydrogen.

 

It is a matter of public record that the Environment Agency ("EA") granted
UKOG a full environmental permit covering all aspects of the proposed Loxley
operation in June 2020. UKOG acts in obeyance of all environmental rules and
regulations and can cite an excellent compliance record in all such regulatory
areas.

 

Within the same licence, the Company's planning permission extension
application to West Sussex County Council's Planning Committee for its
Broadford Bridge-1/1z Kimmeridge oil discovery was approved post period.

 

Turkey, Resan Licence

Much of our focus in Turkey has been upon the acquisition, processing and
interpretation of the new seismic data, following the operator Aladdin Middle
East's decision in August 2021 to temporarily halt drilling of the proposed
Basur-3 mechanical sidetrack until new seismic over the target area was
acquired. UKOG has a 50% non-operating working interest in the 305 km² Resan
licence.

 

The phase 1 2D seismic programme and geological mapping have now been
completed and demonstrate that the Basur closure, within which Basur-1 ("B-1")
is reported to have recovered 500 barrels of light 35˚API oil to surface over
a 6-hour period during testing in the 1960s, looks to extend further to the
west than originally mapped, with a possible culmination up to 200m shallower
than at B-1. The new seismic also clearly demonstrates the presence of a major
backthrust fault to the south of Basur-3 ("B-3"), something not evident on the
original legacy seismic and explains why the reservoir section was not
encountered in the B-3 well.

 

It was always UKOG's view that, due to the fault uncertainty, if a well were
not targeted to directly intersect the reservoir at the exact B-1 subsurface
location, the possibility of coming in lower than prognosis remained material.
This is why we insisted on a sidetrack contingency as part of the operation.

 

Consideration is, therefore, being given by the JV to the acquisition of a
small infill phase 2 seismic programme to define a further Basur drilling
location up-dip to the northwest of B-1 and B-3. This location would be
designed to offer the ability to test the Garzan and Mardin reservoirs within
the Basur structure via a less complex vertical well, a potentially lower risk
lower cost option than the envisaged B-3 sidetrack ("B-3S").

 

Whilst B-3S still remains a solid option, the new seismic clearly indicates
that it would require a longer and higher angle trajectory than previously
envisaged, involving drilling through the major backthrust fault at a high
angle within potentially heavily fractured limestone rocks. This situation
potentially adds to the risks of losing mud circulation and becoming stuck in
hole. Whilst this can be mitigated against by detailed operational planning,
and the correct rig and equipment choices, it can increase the drilling risk,
complexity and cost.

 

Further geological information obtained from legacy wells in the Resan area
indicated that, whilst oil shows were encountered at similar levels to B-1,
questions arose as to reservoir quality and the increased chance of fractures
acting as conduits for underlying formation water ingress. Consequently, at
this time, plans for a Resan-6 ("R-6") well have been put on hold and the
partnership will focus on the Basur area, where oil has flowed to surface at
reported good rates.

 

Consequently, the joint venture will carefully consider its next step in the
Resan Licence to ensure we maximise our chances for a successful outcome.

 

Horse Hill, PEDL137 and PEDL246 (UKOG 85.64%)

We recently had positive news at the Horse Hill oil field, which is operated
by UKOG's subsidiary company Horse Hill Developments Ltd. The EA granted a
full Production Permit, enabling production and water re-injection operations,
incineration of waste gas, maintenance/workovers and the drilling of further
development wells. We first made this application in September 2019, 31 months
prior the permit.

 

In addition, the North Sea Transition Authority ("NSTA"), formerly the Oil and
Gas Authority, granted consent post period for the conversion of the Horse
Hill-2z into a saline water reinjection well. NSTA also approved the related
Horse Hill Field Development Plan Addendum.

 

With both the EA and NSTA permissions in hand, UKOG can now further expedite
its plans for produced saline formation water reinjection at Horse Hill during
2022, which, if implemented, would remove the need for costly transportation
and disposal of produced water at distant third-party sites. In conjunction
technical planning for further development drilling will now progress.

 

OPERATIONAL REVIEW

 

Health, Safety and Environment

Once again there were no Lost Time Incidents, reportable environmental
incidents or health issues on any of UKOG's sites during the period or post
period. The operational team maintain focus on health, safety, and
environmental performance as it is our number one priority.

 

Modifications at the Horse Hill site are continuing in order to comply with
The Control of Major Accident Hazards regulations (lower tier), as well as
other regulations. Liaison continues ongoing with the Health and Safety
Executive and the EA to ensure the Horse Hill site satisfies these
regulations.

 

Post period the EA granted a full production permit for the Horse Hill field.

 

Portland Energy-Hub

UKEn has signed an Agreement to Lease with Portland Port Limited ("PPL")
covering two sites at the former Royal Navy port in Dorset, with the intent to
develop, subject to new planning consent and securing necessary development
finance, a planned integrated Energy-Hub, centred around hydrogen-ready gas
storage and a future green hydrogen generation capability.

 

UKEn's planned Energy-Hub development concept seeks to reinvigorate and build
further upon a prior unrealised project by Portland Gas Storage Ltd, granted
planning consent by Dorset County Council in 2008, to situate approximately 43
bcf (1.2 billion m³ or "bcm") of underground salt cavern storage beneath
PPL's land.

 

The planned new Energy-Hub is envisaged to include the following key elements:

 

·      A strategically located hydrogen-ready Energy-Hub within an
active harbour site

·      Construction of up to 43 bcf (1.2 bcm) of hydrogen-ready Triassic
salt cavern storage. For context, if this capacity is ultimately achieved it
would materially increase the UK's current reported 61 bcf (1.7 bcm) total
working underground gas storage capacity. The envisaged hydrogen-ready build
also means the site could hold either hydrogen or natural gas from operational
inception

·      Salt cavern storage would be linked to the national pipeline
transmission system ("NTS") via a new planned hydrogen-ready pipeline. As per
the prior 2008 project, the new pipeline would be designed with a nameplate
capacity up to 1 bcf/day (28 million m³/day). For context, this throughput
capacity, if achieved, would equate to approximately one seventh (14%) of
current estimated UK daily natural gas consumption

·      Pilot scale green hydrogen production and storage, together with
hydrogen battery concept investigation. The Company plans to develop future
potential to supply renewable electricity for green hydrogen production at the
site via an over-the-horizon floating wind farm

·      Addition of a new planned LNG import facility in the port,
designed to be used as a possible feedstock for blue hydrogen within the
proposed UK Southern Pathway Hydrogen Hub and to help optimise cavern-fill
cycle times and maximise revenues during the energy transition. Our ambition
is for LNG to be sourced from UK allies/secure suppliers (e.g. USA and Qatar)

·      Development planned to be 'future-proofed' by engineering
designed to transition seamlessly into green hydrogen production,
import/export and storage as the 'hydrogen economy' evolves

·      Local high geothermal heat gradient to be investigated for
possible local heat network and/or to power green hydrogen production

·      The Company and PPL will also jointly investigate the potential
for using future green hydrogen generation at the port to directly fuel future
hydrogen propelled ships. The possibility of future green hydrogen export by
ship will also be explored

·      The Triassic Sherwood sandstones lying beneath the salt sequence
also offer carbon capture and storage upside potential.

 

Turkey, Resan Licence (UKOG 50%)

The Basur-Resan anticline containing the Basur-1 oil discovery is located
within the surrounding 305 km² Resan M47-b1, b2 licence, in which UKOG's
wholly owned subsidiary, UKOG Turkey Ltd, holds a 50% non-operated interest.

 

A Resan Licence Operating Committee meeting was held in Ankara, the first face
to face meeting permitted since the Covid pandemic, approved the 2022 work
programme and budget for seismic acquisition and drilling.

 

Further to AME's August 2021 decision to temporarily halt drilling of the
proposed B-3 mechanical sidetrack until new seismic over the target area was
acquired, Viking Geophysical Services completed acquisition of phase 1 of the
2D seismic programme comprising 55 km covering the priority B-3S and R-6
proposed well trajectories.

Abu Dhabi based BGP completed the phase 1 seismic processing. Existing legacy
seismic data has been reprocessed and pre-stack depth migration processing of
the new data was also completed.

The Company's geophysicist was present during acquisition operations and
provided oversight of the acquisition and processing.

 

Geological mapping utilising the new PSDM data has been completed and revised
drilling prognoses have been prepared. These are being used to fine tune
operational planning for B-3S and for aless complex vertical B-4 well,
designed to test the culmination of the Basur end of the Basur-Resan anticline
(i.e., where the objective section is closest to the surface). A rig tender
process was conducted and contractor selected, although drilling slots in
Turkey have likely extended further into late summer/early autumn 2022.

 

Given the new seismic indicates B-3S requires a longer and higher angle
trajectory than previously envisaged, the joint venture is considering the
merits and potential cost savings of drilling the simpler B-4 before the more
complex B-3S. It is prudently considered a small amount of further infill 2D
seismic may be acquired to de-risk an optimum subsurface

B-4 target and corresponding surface site location to support the lowest risk
and complexity drilling path. The Company is now in the process of evaluating
well costs, technical risks and final operator recommendations in this respect
before confirming its position. Further prospectivity in the licence has also
been identified.

 

In the interests of maximising cost efficiencies, plans have been implemented
for surplus UKOG-owned casing to be used during drilling, thus reducing UKOG's
net costs.

 

During our Ankara visit, it was confirmed that AME and the Company's bid for
new licences in last year's Turkish mini-licence round was unsuccessful. The
mini licence round attracted several other bidders including the Turkish
national oil company TPAO. Although disappointing given the work programme
offered, the bid was ancillary to the Company's focus of appraising
Basur-Resan.

 

The Company continues to look for additional projects in Turkey and has
reviewed a further new opportunity to the southeast of our Resan licence. This
contains an interesting and potentially material undrilled anticlinal feature
analogous to both East Sadak and Basur-Resan.

 

Horse Hill Oil Field, PEDL137 and PEDL246 (UKOG 85.64%)

The field and surrounding licence is operated by UKOG's subsidiary company
Horse Hill Developments Ltd ("HHDL") in which UKOG has 77.9% ownership. The
Licensees are HHDL (65% interest) and UKOG (137/246) Ltd (35% interest).

 

The NSTA granted consent post period for the conversion of the Horse Hill-2z
into a saline water reinjection well. NSTA also approved the related Horse
Hill Field Development Plan Addendum. With both the EA and NSTA permissions in
hand, UKOG can now further expedite its plans for produced saline formation
water reinjection at Horse Hill during 2022, which, if implemented, would
remove the need for costly transportation and disposal of produced water at
distant third-party sites.

 

Further infill development of both Portland (HH-3 well) and Kimmeridge (HH-4
well) offer significant upside for the Horse Hill field. Technical planning
for future infill drilling will now progress.

 

Planned shutdowns were successfully completed to install new surface
production facilities in line with requirements under the Control of Major
Accident Hazards (COMAH) Regulations. In addition, a new more efficient gas
flare was installed and commissioned successfully at Horse Hill.

 

As of end-May 171,000 bbl of Brent quality crude had been produced and
exported from the Kimmeridge and Portland pools. Recent Brent crude prices of
over $120/bbl have helped operational cash flow from the field.

 

The Company announced the signing of a Heads of Terms with geothermal
technology specialists Ceraphi to enter into a joint venture agreement to
develop part of the Horse Hill site into a geothermal energy hub (GeoHub). The
GeoHub, currently at a conceptual stage, is targeted to generate and supply
more than 200,000 MWh per year of continuous baseload, primarily as heat
energy. The project's first phase would aim to supply significant industrial
end-users in the locality with 100% green heating and cooling plus ancillary
green electricity and/or hydrogen. Concept work continues to move forward on
this project including positive discussions with potential energy offtakers.

 

NSTA granted a one-year extension to the remaining deadline for the PEDL137
Retention Area work programme.

 

Loxley, Broadford Bridge, PEDL234 (UKOG (234) 100%)

Following Surrey County Council's ("SCC") refusal of planning consent for
UKOG's Loxley conventional gas and hydrogen feedstock project and UKOG's
appeal to the Planning Inspectorate, the Planning Inspectorate advised that
the Secretary of State ("SoS") had recovered the appeal.

 

The Planning Inspectorate's report recommending the appeal by granted was
submitted to the SoS in March and post period the final appeal determination
by the SoS granted UKOG's appeal, subject to conditions. With both planning
and environmental consents in hand the Loxley gas project can now finally
proceed ahead.

 

The Company's planning permission extension application to West Sussex County
Council's Planning Committee for its Broadford Bridge-1/1z Kimmeridge oil
discovery was approved post period.

 

Arreton, Isle of Wight, PEDL331 (UKOG 95%)

The Company decided not to appeal the decision by the Isle of Wight Council to
refuse UKOG's planning application for the appraisal drilling and flow testing
of the Arreton oil discovery. The Company has subsequently relinquished the
associated PEDL331 licence.

 

Other Assets

Stable oil production with low water cut continues from the Horndean oil field
in Hampshire (UKOG 10%).

 

UKOG is actively reviewing geothermal and energy storage opportunities onshore
UK with potential collaborative partners with further advancement in these
developing areas anticipated moving forward.

 

FINANCIAL REVIEW

 

The operating loss for the six months to 31 March 2022 was £1.29 million
compared to £1.01 million for the same period last year. Revenue for the six
months saw an increase from £0.72 million to £0.91 million, which was a
result of production of Horse Hill field and increased Brent crude prices.

 

Net cash outflow from operations increased from £0.96 million to £1.39
million; this increase was driven by working capital movements and lower
administrative costs in the comparative period, which reflected the impact of
interim salary cuts effective during that time.

 

 

For further information please contact:

 

 UK Oil & Gas PLC
 Stephen Sanderson / Matt Gormley / Allen D Howard     Tel: 01483 941493

 WH Ireland Ltd (Nominated Adviser and Broker)
 James Joyce / Andrew de Andrade                       Tel: 020 7220 1666

 Communications
 Brian Alexander                                       Tel: 01483 941493

 

 

Glossary of Terms:

 

 Term        Meaning
 °API        A measure of the density of crude oil, as defined by the American Petroleum
             Institute
 bbl         Barrels
 bopd        Barrels of oil per day
 calcareous  Containing calcium carbonate (limestone)
 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
 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
 prospect    A project associated with a potential accumulation that is sufficiently well
             defined to represent a viable drilling target
 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
 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 2022

 

                                               6 months       6 months
                                               31 March 2022  31 March 2021
                                               (Unaudited)    (Unaudited)
                                               £'000          £'000

 Revenue                                       911            721
 Depletion, Depreciation and Amortisation      (268)          (273)
 Other Cost of sales                           (408)          (544)

 Gross profit / (loss)                         235            (96)

 Operating expenses
 Administrative expenses                       (1,402)        (915)
 Foreign exchange losses                       (119)          (17)
 Other income                                  -              1

 Operating loss                                (1,286)        (1,010)

 Finance costs                                 (70)           (12)

 Loss before taxation                          (1,356)        (1,021)

 Taxation                                      -              -

 Retained loss for the period                  (1,356)        (1,021)

 Retained loss attributable to:
 Owners of the parent                          (1,344)        (1,021)
 Non-controlling interest                      (12)           -
                                               (1,356)        (1,021)

 There are no other comprehensive income or expenses during the two reported
 periods to disclose.

 All operations are continuing.

 Earnings per share
                                                Pence          Pence

 Basic and diluted                         2   (0.01)         (0.01)

 

 

Consolidated Statement of Financial Position (Unaudited)

as at 31 March 2022

 

                                          31 March 2022  31 March 2021
                                          (Unaudited)    (Unaudited)
                                          £'000          £'000

 Assets
 Non-current assets
 Exploration & evaluation assets          31,310         25,594
 Oil & Gas properties                     5,506          6,771
 Decommissioning asset                    -              285
 Property, Plant & Equipment              1,607          1,772

 Total non-current assets                 38,423         38,544

 Current assets
 Inventory                                1              1
 Trade and other receivables              750            2,470
 Cash and cash equivalents                2,325          1,944
 Total current assets                     3,076          4,418

 Total Assets                             41,499         42,962

 Trade and other payables                 (821)          (3,271)
 Borrowings                               (3,092)        (3,086)
 Total current liabilities                (3,913)        (6,356)

 Provisions                               (1,442)        (1,031)
 Non-current Liabilities                  (1,442)        (1,031)

 Total liabilities                        (5,355)        (7,388)

 Net Assets                               36,144         35,574

 Shareholders' Equity
 Share capital                            13,208         12,879
 Share premium account                    107,097        102,058
 Share-based payment reserve              2,056          1,811
 Accumulated losses                       (85,927)       (81,287)
                                          36,434         35,461
 Non-controlling interest                 (290)          113

 Total shareholders' equity               36,144         35,574

 

 

Statement of Cash Flows (Unaudited)

for the six months ended 31 March 2022

 

                                                               6 months       6 months
                                                               31 March 2022  31 March 2021
                                                               (Unaudited)    (Unaudited)
                                                               £'000          £'000

 Cash flows from operating activities
 Loss from operations                                          (1,286)        (1,010)
 Depletion & impairment                                        268            273
 Decrease / (increase) in inventories                          -              1
 Decrease / (increase) in trade and other receivables          (122)          (943)
 (Decrease) / increase in trade and other payables             (248)          720
 Net cash outflow from operating activities                    (1,388)        (961)

 Cash flows from investing activities
 Expenditures on exploration & evaluation assets               (890)          (345)
 Expenditures on oil & gas properties                          (122)          -
 Expenditures on property, plant & equipment                   (2)            (550)
 Net cash outflow from investing activities                    (1,014)        (895)

 Cash flows from financing activities
 Proceeds from issue of share capital                          -              2,310
 Interest expense on minority interest loans                   -              (144)
 Net cash inflow from financing activities                     -              2,166
 Net change in cash and cash equivalents                       (2,402)        310

 Cash and cash equivalents at the beginning of the period      4,727          1,634

 Cash and cash equivalents at the end of the period            2,325          1,944

 

 

 

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 2022 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 2022.

 

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. Comparative figures for the financial year ended 30 September 2021 have
been derived from the statutory accounts for 30 September 2021. 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 March 2022       31 March 2021
                                                                         (Unaudited)         (Unaudited)
 Group                                                                   £'000               £'000
 (Loss) attributable to ordinary shareholders                            (1,344)             (1,021)

                                                                         Number              Number

 Weighted average number of ordinary shares for                          16,239,233,251      7,095,087,349

calculating basic loss per share

                                                                         Pence               Pence

 Basic and diluted loss per share                                        (0.01)              (0.01)

 

 

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 to constitute
inside information as stipulated under the retained EU law version of the
Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK
law by virtue of the European Union (Withdrawal) Act 2018. The information is
disclosed in accordance with the Company's obligations under Article 17 of the
UK MAR. Upon the publication of this announcement, this inside information is
now considered to be in the public domain.

 

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