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UK Oil & Gas shares rise despite first-half losses and write-down

The AIM-listed firm said the operating loss for the six-month period to 31 March 2018 was £4.38mln compared to £1.07mln for the same period last year

UKOG
In morning trading, UKOG’s shares jumped 11.9% to 1.88p.

UK Oil & Gas Investments PLC (LON:UKOG) shares rose on Friday morning despite first-half operating loss and write-down of intangible asset in Kimmeridge Oil & Gas.

The AIM-listed firm said the operating loss for the six-month period to 31 March 2018 was £4.38mln compared to £1.07mln for the same period last year.

READ: UKOG shares rally as Horse Hill gets green light for production testing

The company said the written down was mostly related to intangible assets in Kimmeridge Oil & Gas, specifically the cost associated with drilling the unsuccessful well.

UK Oil & Gas said net cash outflow from operations increased to £1.76mln and investment in both exploration and evaluation assets and oil and gas properties increased to £4.95mln.

The company said: “Over the past year our focus remained upon maximising UKOG's growth potential via a combination of our flagship KL oil exploration play, ably supported by low-risk appraisal and development projects such as the Horse Hill and Arreton Portland discoveries.”

“Our focus will remain firmly on delivering success from this focus over the foreseeable future,” UKOG said.

In morning trading, UKOG’s shares jumped 11.9% to 1.88p.

Quick facts: UK Oil & Gas PLC

Price: 0.925 GBX

AIM:UKOG
Market: AIM
Market Cap: £64.51 m
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