We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for Free to get streaming real-time quotes, interactive charts, live options flow, and more.
| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| United Oil & Gas Plc | LSE:UOG | London | Ordinary Share | GB00BYX0MB92 | ORD GBP0.00001 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.20 | 0.19 | 0.21 | 0.20 | 0.20 | 0.20 | 1,453,237 | 08:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Crude Petroleum & Natural Gs | 15.83M | 2.35M | 0.0036 | 0.56 | 1.31M |
TIDMUOG
RNS Number : 2147R
United Oil & Gas PLC
20 September 2017
Hot Features
Premium
For immediate release 20 September 2017
UNITED OIL & GAS PLC (formerly SENTERRA ENERGY PLC)
UNAUDITED INTERIM RESULTS
FOR THE SIX MONTH PERIODED 30 JUNE 2017
Management Report
United Oil & Gas Plc (the "Company") is pleased to
announce the publication of its unaudited interim
results for the six month period ended 30 June 2017,
which will shortly be available on the Company's
website www.uogplc.com
Senterra Energy Plc was originally formed to take
control of, or invest in, businesses within the oil
and gas sector, favouring companies with production
and revenues which could result in scope for growth
and attractive returns for shareholders. In July
2017, subsequent to the period covered by this report,
the Company completed a reverse takeover of UOG Holdings
Plc ("UOG"), and is now listed as United Oil & Gas
Plc on the main market of the London Stock Exchange.
United Oil & Gas Plc's strategy is to acquire oil
and gas licences in which we can actively influence
near-term activity to unlock previously untapped
value:
* The management team at UOG has a proven track record
of successfully evaluating and recommending farm-in
deals, and is actively seeking appropriate
opportunities to acquire assets in which full value
is currently not being realised.
* Once licences are acquired, we will use our
experience in actively working operated and
non-operated equity holdings to instigate activity
and unlock identified additional value.
* Our primary focus is on the UK and Europe, where we
can take advantage of our management team's
experience and network of senior oil and gas
executives, and also benefit from the stable
political and fiscal systems in the region. However,
we will consider assets in other countries and
regions on an opportunist basis.
* The Company's aim is to build a portfolio of
exploration, development and production assets, which
our management team will actively manage and look for
any opportunities to make enhanced returns to equity
holders.
UOG's current portfolio comprises of:
* Waddock Cross Field Project (UK) - 26.25% stake; and
* Podere Gallina Project (Italy) - 20% stake.
In 2016, UOG acquired a stake in the PL090 licence,
onshore UK, which includes: the Waddock Cross Field
itself and the further exploration area within the
PL090 licence. This was followed by a farm-in to
the Podere Gallina licence, onshore Italy, in April
2017.
UOG continues to pursue further portfolio growth,
with an active pipeline of opportunities across Europe
currently under evaluation.
Results for the period
The unaudited financial results for the six month
period ended 30 June 2017 are set out in the report.
During this period, the Company generated a pre-tax
loss of GBP166,285, largely as a result of ongoing
administrative costs and costs associated with the
early stages of the reverse takeover and readmission
which was completed in July 2017. Cash assets at
the period end were GBP460,298.
The Company has no debt and continues to be in a
strong position to finance its obligations.
Risks and uncertainties
The Directors have identified the following as key
risks in the first six months of this financial year:
- The Oil and Gas sector - exploration, development
and production
The estimating of reserves and resources is a subjective
process and there is significant uncertainty in any
reserve or resource estimate. In addition, the exploration
for and production of oil and other natural resources
is speculative and involves a high degree of risk,
in particular a company's operations may be disrupted
by a variety of tasks and hazards which are beyond
its control such as environmental regulation, governmental
regulations or delays, increase in costs, the availability
of equipment or services and the volatility of oil
and gas prices.
- The Company's relationships with the Directors
The Company is dependent on the Directors to identify
potential acquisition opportunities and to execute
acquisitions, and the loss of the services of the
Directors could materially affect the Company.
- Business Strategy
Our strategy is to acquire oil and gas licences in
which we can actively influence near-term activity
to unlock previously untapped value.
Auditing
The interim report and accounts for the six month
period ended 30 June 2017 (the "Interim Report and
Accounts") has not been audited or reviewed pursuant
to the Financial Reporting Council guidance on 'Review
of Interim Financial Information'.
Statement of Directors' Responsibilities
The Interim Report and Accounts are the responsibility
of, and have been approved by, the Directors. The
Directors are responsible for preparing the Interim
Report and Accounts in accordance with the Disclosure
and Transparency Rules (the "DTRs") of the United
Kingdom's Financial Conduct Authority (the "FCA")
and with International Accounting Standard 34 on
Interim Financial Reporting ("IAS 34"). The DTRs
require that the accounting policies and presentation
applied to the half yearly figures must be consistent
with those applied in the latest published annual
accounts.
The Directors confirm that, to the best of their
knowledge, the set of financial statements contained
in the Interim Report and Accounts has been prepared
in accordance with IAS 34, as adopted by the European
Union. The Report of the Directors includes a fair
review of the information required by DTR 4.2.7 and
DTR 4.2.8, namely:-
* an indication of important events that have occurred
during the first half of the financial year and their
impact on the set of financial statements contained
in the Interim Report and Accounts;
* the principal risks and uncertainties for the
remaining half of the financial year; and
* material related party transactions that have taken
place in the first half of the current financial year
and any material changes in the related party
transactions described in the last annual report.
The Directors of United Oil & Gas Plc are Brian Larkin,
Jonathan Leather and Alberto Cattaruzza.
Brian Larkin
CEO and Chairman
This announcement contains inside information for
the purposes of Article 7 of EU Regulation 596/2014.
For more information please visit the Company's website
at www.uogplc.com or contact:
United Oil & Gas Plc (Company)
===================================== ================================
Brian Larkin brian.larkin@unitedoilandgas.eu
===================================== ================================
Optiva Securities Limited (Broker)
===================================== ================================
+44 (0) 20 3137
Christian Dennis 1902
===================================== ================================
Beaumont Cornish Limited (Financial
Adviser)
===================================== ================================
Roland Cornish and Felicity +44 (0) 20 7628
Geidt 3396
===================================== ================================
Murray (PR Advisor) +353 (0) 87 6909735
===================================== ================================
Joe Heron jheron@murrayconsultants.ie
===================================== ================================
UNITED OIL & GAS PLC (formerly SENTERRA ENERGY PLC)
STATEMENT OF COMPREHENSIVE INCOME FOR THE INTERIM
SIX MONTH PERIODED 30 JUNE 2017
6 months 6 months
to 30 to 30
June June
2017 2016
(unaudited) (unaudited)
GBP GBP
Administrative expenses (166,285) (61,013)
Operating loss (166,285) (61,013)
Interest received - 1,027
Loss before taxation (166,285) (59,986)
Taxation - -
Loss and total Comprehensive Income
for the Period Attributable to Equity
Owners of the Company (166,285) (59,986)
Loss per share in pence - basic
and diluted (0.6) (0.2)
The results above derive wholly
from continuing operations.
UNITED OIL & GAS PLC (formerly SENTERRA ENERGY PLC)
STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2017
30 June
31 December
2017 2016
(unaudited) (audited)
GBP GBP
Current Assets
Prepayments 2,000 3,609
Cash and cash
equivalents 460,298 680,835
462,298 684,444
------------- ------------
Total assets 462,298 684,444
============= ============
Equity
Share capital 270,000 270,000
Share premium 945,501 945,501
Retained earnings (811,250) (644,965)
Total equity 404,251 570,536
------------- ------------
Current liabilities
Accruals 28,047 83,908
Deferred shares 30,000 30,000
58,047 113,908
------------- ------------
Total equity
and liabilities 462,298 684,444
============= ============
UNITED OIL & GAS PLC (formerly SENTERRA ENERGY PLC)
STATEMENT OF CHANGES IN EQUITY FOR THE INTERIM SIX
MONTH PERIODED 30 JUNE 2017
Share Premium Retained Total
Capital on shares earnings equity
GBP GBP GBP GBP
At 31 December
2016 (audited) 270,000 945,501 (644,965) 570,536
Loss for the period - - (166,285) (166,285)
At 30 June 2017 270,000 945,501 (811,250) 404,251
================== =========== =========== ==========
Share Premium Retained Total
Capital on shares earnings equity
GBP GBP GBP GBP
At 31 December
2015
(audited) 270,000 945,501 (151,910) 1,063,591
Loss for the period - - (59,986) (59,986)
At 30 June 2016 270,000 945,501 (211,896) 1,003,605
=================== =========== ========== ==========
UNITED OIL & GAS PLC (formerly SENTERRA ENERGY PLC)
STATEMENT OF CASH FLOWS FOR THE INTERIM SIX MONTH
PERIODED 30 JUNE 2017
6 months
to 30 June
6 months
to 30
2017 June 2016
(unaudited) (unaudited)
GBP GBP
Cash Flows from Operating Activities
Loss from operations (166,285) (61,013)
Decrease in debtors 1,609 1,041,576
(Decrease)/increase in trade
and other payables (55,861) 24,410
Net cash flow from operating
activities (220,537) 1,004,973
------------- -------------
Cash Flows from Investing Activities
Interest received - 1,027
Net cash generated from investing
activities - 1,027
------------- -------------
Net (decrease)/increase in cash
and cash equivalents (220,537) 1,006,000
Cash and cash equivalents at 680,835
the beginning of the period -
Cash and cash equivalents at
the end of the period 460,298 1,006,000
============= =============
UNITED OIL & GAS PLC (formerly SENTERRA ENERGY
PLC)
NOTES TO THE INTERIM ACCOUNTS
1 Accounting policies
The same accounting policies and methods
of computation are followed in these Interim
Report and Accounts as compared with the
most recent annual financial statements.
Basis of preparation - Going concern
After making enquiries, the Directors have
a reasonable expectation that the company
will have adequate resources to continue
in operational existence for the foreseeable
future. Accordingly, they adopt the going
concern basis in preparing the Company's
financial statements.
2 Related party transactions
The Directors are considered to be the key
management personnel of the Company. During
the interim period, the Company paid fees
to Directors amounting to GBP18,000 (Year
ended 31 December 2016 - GBP36,000).
During the interim period, the Company was
charged fees and commission of GBP12,000
(Year ended 31 December 2016 - GBP54,486)
by Optiva Securities Limited, a company in
which Jeremy King, a previous Director of
the Company, is a director and shareholder.
3 Events after the reporting period
On 31 July 2017, the Company completed the
acquisition of the entire issued share capital
of UOG, the placing of 120,000,000 ordinary
shares of GBP0.01 each at 2.5 pence per share
and the readmission of 200,935,001 ordinary
shares of GBP0.01 each to the Official List
(Standard Segment) and to trading on the
London Stock Exchange's Main Market..
The Company acquired UOG by issuing 53,935,001
ordinary shares of GBP0.01 each at a price
of 2.5 pence each.
Following completion of the acquisition,
and effective from 31 July 2017, both Kurt
Portmann and Jeremy King resigned as Directors
of the Company. Brian Larkin has been appointed
as Chief Executive Officer and Dr Jonathan
Leather as Technical Director of the Company
whilst Alberto Cattaruzza remains Non-Executive
Director.
The placing raised proceeds of GBP3 million.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR BLGDCISBBGRC
(END) Dow Jones Newswires
September 20, 2017 02:00 ET (06:00 GMT)
1 Year United Oil & Gas Chart |
1 Month United Oil & Gas Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
