UK Oil and Gas Investments

From Powerbase
Revision as of 04:22, 12 July 2019 by Melissa Jones (talk | contribs) (→‎Finances)
Jump to: navigation, search
FrackWell.png This article is part of the Spinwatch Fracking Portal and project

UK Oil and Gas Investments plc (UKOG) is a British company with shale gas exploration licences in the UK. It is listed and trades on London’s Alternative Investment Market (AIM) and ISDX Growth Market.

Oil bonanza: Dallas coming to Dorking

In April 2015 UKOG announced it had made a discovery of 'world class reserves' in the south east of England - some 50-100bn barrels, compared with some 45bn barrels extracted from the North Sea over a period of 40 years. It was estimated at the time however that only around 3-15% of this oil might actually be recoverable.

Injunction against protestors

Women protesting at Broadford Bridge in July 2017

In early 2018 UKOG and its partners Magellan Petroleum and Horse Hill Developments applied to the courts for a 'draconian' and wide-ranging injunction that sought to outlaw protests at three exploration sites in West Sussex and Surrey. This followed the occupation of the Horse Hill site by protestors in late November 2017.

Six environmental campaigners unsuccessfully sought to overturn this injunction attempt in the High Court in July 2018, accusing UKOG of attempting to stifle protest in a “draconian and chillingly anti-democratic” fashion. The injunction – addressed to “persons unknown” – would cover all campaigners protesting at the UKOG sites. Those breaching the injunction could be jailed, fined or have their assets seized. The campaigners included actress Sue Jameson, and together crowdfunded £20,000 in public donations for legal costs. [1]

The High Court injunction against protest at the Horse HIll and Broadford Bridge exploration sites was awarded to UKOG and its partners in September 2018. [2]

People

  • Stephen Sanderson, CEO and executive chairman (replaced David Lenigas in July 2015). This followed news the previous month that UKOG's pretax net losses in the six months to 31 March 2015 were £383,000, compared with £290,000 in the same period of the preceding year. [3]

Former

  • Monaco-based Australian entrepeneur David Lenigas was until 2015 UKOG's chairman (also of Horse Hill Developments Ltd Afrian, Rare Earth Minerals among others).
  • Barton Willmore (Conceptual Alternative Sites Selection Study of the Weald Basin - 5 October 2015)
  • Nutech (Technical Report on Horse Hill-1 Well - 8 April 2016)
  • Schlumberger (Schlumberger Petrophysical Evaluation of Horse Hill-1 Well - 4 June 2015)
  • Xodus Group (Competent Person's Report PEDL 126 Markwells Wood 5 October 2015), (Jurassic Tight Oil Conceptual Development Study - 5 October 2015), (Executive Summary: Onshore Isle of Wight 28 January 2016)
  • EY (report on Kimmeredge Oil 18 April 2016)

Partnerships and affiliations

Finances

In March 2019 UKOG reported a significant loss after tax of £16.7m for the year to September 2018, compared with £2.268m for the same period a year before. These figures included exploration and evaluation write-offs of £11.56m for sites at Broadford Bridge and Holmwood/Leith Hill and higher administrative costs. [6]

Licences

Interests:

  • PL211 Horndean, Hampshire, 10%
  • PEDL070 Avington, Hampshire, 5%
  • PEDL126 Markwells Wood, West Sussex, 100%, operator
  • PEDL137 Horse Hill, Surrey, 50.64%,
  • PEDL143 Holmwood/Leith Hill, Surrey, 40%, operator subject to transfer consent
  • PEDL234 Broadford Bridge, West Sussex, 100%, operator
  • PEDL246 Horse Hill, Surrey, 50.64%
  • PEDL331 Isle of Wight onshore, 95%, operator. (Purchased 30% interest in PEDL331 onshore Isle of Wight, which increased holding to 95%). Expected to make a planning application in 2019 [6]

Resources

Contact

Address: 8th Floor, The Broadgate Tower
20 Primrose Street
London EC2A 2EW, United Kingdom
Website: https://www.ukogplc.com/index.php

Resources

Notes

  1. ↑ Rob Evans, Oil company's 'draconian and anti-democratic' injunction challenged , The Guardian, 2 July 2018
  2. ↑ Sealed UKOG injunction order 3 September 2018.PDF, UKOG website, 3 September 2018
  3. ↑ Terry Macalister, UK Oil & Gas chairman who wanted to drill under Gatwick steps down, the Guardian, 8 July 2015, accessed 12 July 2019
  4. ↑ Ruth Hayhurst, UKOG sets out plans for the Weald, Drill or Drop, 28 June 2019, accessed 1 July 2019
  5. ↑ UK Shale Farm out Agreement with INEOS Upstream Limited ("INEOS"), Igas Energy PLC press release, 10 March 2015
  6. ↑ 6.0 6.1 Drill or Drop [Company profile overview of UKOG], 25 March 2019, last accessed 11 July 2019
Retrieved from "https://powerbase.info/index.php?title=UK_Oil_and_Gas_Investments&oldid=254711"