Angus Energy plc hopes to raise £12 million, with support from its 49% partner Saltfleetby Energy, to redevelop Saltfleetby gas field in Lincolnshire. The hydrocarbon company announced yesterday (23 September) that it had raised £1 million from placing 111,111,105 new ordinary shares at 0.9 pence per share. This will form part of a working capital […]
Oil & Gas
Rathlin’s main oil drill rig arrives at West Newton-B
Rathlin Energy (UK) Ltd announced that the main drilling rig and associated equipment began mobilisation today at West Newton-B site in East Yorkshire. The equipment will be rigged up within two weeks before a borehole is drilled, 24 hours a day, to an approximate depth of 2,000 metres. The operation is expected to be completed […]
IGas Energy revenues halve as it targets new technologies
IGas Energy plc’s revenues halved to £10.5 million during the six months to June 2020 compared with the same period last year of £22.1 million. The oil and gas company, which recently acquired geothermal developer GT Energy, also announced it would also consider adding new technologies to its existing business. Interim results showing EBITDA at […]
Argos seeks licence extension and partners after H1 losses
Argos Resources Ltd intends to apply for an extension to its licence to operate in the North Falkland Basin. The Falkland Islands-based company is also in talks with parties interested in its drilling licence programme and looking to raise further finance. The news comes as it posted an increase in half year losses compared with the […]
Union Jack placing and subscription raises £7m
Onshore hydrocarbon production, development and exploration company Union Jack Oil plc raised £7 million from an “oversubscribed” placing and subscription. The company now has some £11 million which it will use to extend its drilling operations and seek acquisition opportunities following the UK’s departure from the EU, the pandemic and energy prices. Union Jack will […]
Union Jack losses widen but future remains ‘bright’
Union Jack Oil reported its total losses nearly doubled to £935,151 in the first six months of 2020 compared with £484,068 for the same period last year, but it remained confident in the future. In its unaudited results for the first six months to 30 June 2020, the company reported a fall in revenue of […]