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UK Oil and Gas sells Horse Hill site at massive loss as new owner reapplies to drill
UK Oil and Gas (UKOG) has sold its Horse Hill oil site for £1m after investing over £25m and writing the asset down to £55,360, and rebranded as UK Energy Group to focus on clean energy. The new owner, now controlling Horse Hill Developments, has submitted a renewed planning application to extract up to about 678,693 tonnes of oil over 20 years. The project faces scrutiny after the 2024 Supreme Court Finch ruling requiring downstream greenhouse gas emissions to be considered in environmental assessments, and campaigners warn the application understates cumulative climate impacts. » More on theguardian.com
UK Oil & Gas reports £1.37m loss and shifts to hydrogen storage projects
UK Oil & Gas reported a loss of £1.37m for the first half to 31 March 2025, with revenue falling to £0.31m due to lower production following the temporary suspension of Horse Hill. The company is accelerating its strategic shift from oil exploration to developing hydrogen storage projects in salt caverns in South Dorset and East Yorkshire. UKOG has halted exploration activities in Turkey, sold assets and says it will need to raise additional capital for the hydrogen initiatives before the end of Q2 2026. » More on de.investing.com
Financials
| (EUR) | 2023 | YoY |
|---|---|---|
| Revenue | 1.77m | 12.46% |
| Gross profit | 316.84k | 10.13% |
| Net profit | -4.35m | 21.43% |
| EBITDA | -3.73m | 88.53% |
Fundamentals
| Metric | Value |
|---|---|
Market capitalization | €6.95m |
Number of shares | 7.74bn |
52-week high/low | €0.0135 - €0.000898 |
| Dividends | No |
Beta | 0.99 |
P/E ratio | - |
PEG ratio | - |
P/B ratio | - |
P/S ratio | - |
Company profile
UK Oil & Gas PLC operates as an oil and gas exploration and production company in the United Kingdom and Turkey. The company holds direct and indirect interests in a portfolio of six UK onshore exploration, appraisal, development, and production assets in the Weald and Purbeck-Wight basins of Southern England. Its assets cover approximately 689 gross square kilometers (km²). The company also holds a 50% interest in Resan oil appraisal and exploration license covering an area of 305 km² in south east Turkey. UK Oil & Gas PLC was incorporated in 2004 and is based in London, the United Kingdom.
| Name | UK Oil & Gas |
| CEO | Stephen Sanderson |
| Headquarters | London,
United Kingdom |
| Website | |
| Industry | Health Care Equipment & Supplies |
| IPO | 02/03/2005 |
| Employees | 14 |
Ticker symbols
| Exchange | Symbol |
|---|---|
London Stock Exchange | UKOG.L |
Pnk | UKLLF |
