Results for six-month period ended 31 March 2025
Summary by AI BETAClose X
30 September 2025
UK OIL & GAS PLC
("UKOG" or the "Company)
Unaudited results for the six-month period ended 31 March 2025
UK Oil & Gas Plc (AIM: UKOG) is pleased to announce its Interim Results for the period ended 31 March 2025. A copy of the Interim Results will also be made available on the Company's website: www.ukogplc.com.
Following the publication of the 2024 Annual Report and the 2025 Interim Report today, it is expected that the suspension of trading the Company's ordinary shares will be lifted and trading will resume as soon as the annual report and 2025 interim results are available on the Company's website.
CHIEF EXECUTIVE'S STATEMENT
I am pleased to present the unaudited results of UK Oil & Gas PLC ("UKOG") for the six-month period ended 31 March 2025.
The Company is advancing its transition from a petroleum exploration company to a pioneering clean energy developer with a bold vision to deliver nationally significant salt cavern hydrogen storage projects in South Dorset and East Yorkshire. This transition is fully in line with the Government's Clean Power 2030 target. We regard our planned at scale storage projects to be key enablers to deliver the government's clean power and decarbonisation targets in the south and north-east of the UK.
Our South Dorset project remains the sole planned at scale hydrogen storage project in the southern half of the UK. It will, therefore remain key to enabling the establishment of the future hydrogen network in the south and the decarbonisation of the UK's third largest CO2e emissions cluster by providing essential buffering of supply and demand to pipelines, producers and offtakers.
UK Energy Storage Ltd ("UKEn"), our wholly owned subsidiary, is at the vanguard of this exciting and real ambition and is one of a handful of potential hydrogen storage operators liaising with the Department of Energy Security and Net Zero's Hydrogen Storage Business Model group.
In March 2025, a report by Quod, an independent planning and economics consultancy, specialising in modelling the economic impacts of major infrastructure projects, stated that our South Dorset project could contribute £2.3bn annually to the UK economy during its 30+ year operational life.
In addition, £665 million further Gross Value Added (GVA) of direct and indirect/supply chain economic benefits could result from the planned four-year construction phase, meaning the creation of up to 2,100 jobs directly and a further 5,100 jobs in the supply chain during construction.
In January of this year, we reported the findings of DEEP.KBB GmbH, one of Europe's leading salt cavern design and underground energy storage engineering groups, who had completed preliminary project design for our proposed new storage facility located west of Weymouth in Dorset.
The design confirmed the site would comprise 24 caverns providing up to 1.01 billion standard m³ ("bcm") working hydrogen volume, 12% greater than our original project at Portland Port, with hydrogen withdrawal and injection rates providing up to 2.9 times the annual cycling capacity of Portland, creating a technical maximum annual storage capacity of 30.2 TWh¹/yr vs Portland's 10.4 TWh¹/yr.
UKEn executed two Memorandums of Understanding with Portland Port to jointly pursue hydrogen opportunities centred around the Port and our South Dorset Storage site, including the generation of 1 GW of green hydrogen via import by ship of green hydrogen carrier liquids, and the generation of green hydrogen via electrolysis within Portland Port.
This addition of a potential material source of green hydrogen, directly linked to UKEn's South Dorset storage site, would both enhance our project's national significance and the prospects of UKEn securing revenue support in the government's forthcoming Hydrogen Storage allocation round.
Complementing our membership of The Solent Cluster, the £28 billion Dorset Clean Energy Super Cluster (DCESC) was officially launched at UKREiiF 2025. Anchored around Portland Port and fully supported by Dorset Council, the initiative encompasses the company's Dorset hydrogen projects alongside 2 GW of offshore wind in the English Channel, carbon capture and storage (CCS), and the development of a new deepwater facility for wind farm construction and maintenance. This marks a pivotal and forward-looking development for the company, positioning it at the heart of one of the UK's most ambitious and innovative clean energy clusters.
As clean power and hydrogen storage is now our primary focus, the Company has also ceased its petroleum exploration and appraisal activities in Turkey. After successful reperforating and extensive swab testing by operator Aladdin Middle East ("AME"), we mutually concluded that, in the absence of commercial rates of hydrocarbons, no further testing of Pinarova-1 would take place. We have decided to end our exploration activities in Turkey by transferring our 50% interest in the Resan licence to our joint venture partners AME.
The Company also made a significant decision about the future of Loxley, our 100%-owned hybrid gas and hydrogen feedstock project by appointing divestment and project marketing specialists to facilitate the farmout of up to a 50% working interest.
However, in an increasingly difficult and hostile environment for the UK onshore petroleum sector, no farmout resulted from these marketing efforts. As a result, the Company decided to relinquish PEDL234, containing the Loxley and Broadford Bridge discoveries, at end-June 2025. To that end negotiations continue with CeraPhi Energy Ltd regarding the transfer and re-purposing of the Broadford Bridge site into a geothermal clean energy agriculture development.
Fully in line with this shift of emphasis towards renewable energy storage, we also agreed the sale of our 100%-owned subsidiary UKOG (GB) Limited, subject to regulatory approvals, to Servatec Holdings Limited for a cash consideration of £400,000. UKOG (GB)'s assets are a 10% non-operated interest in the Horndean oil field and a 5% non-operated interest in the Avington oil field.
OPERATIONAL REVIEW
Health, Safety and Environment
There were again no Lost Time Injuries, reportable environmental incidents or health issues on any of UKOG's sites during the period or post period. The operational team maintain focus on health, safety, and environmental performance as it is number one priority.
Ongoing liaison continues with the Health and Safety Executive and the Environment Agency ("EA") to ensure the Horse Hill site maintains its regulatory obligations.
Hydrogen Storage Assets
South Dorset (UKEn 100%)
UKEn became a founding member of the Dorset Clean Energy Super Cluster, centred on Portland Port.
DEEP.KBB GmbH, one of Europe's leading salt cavern design and underground energy storage engineering groups, completed preliminary project design for the Company's proposed new South Dorset underground hydrogen storage facility, located west of Weymouth. The design confirms the suitability of the site for a material scale hydrogen storage project, comprising 24 salt caverns (three clusters of 8 caverns) at a depth of ~1330m below surface. The project is fully in keeping with the Government's Clean Power 2030 ambitions.
The following metrics summarise the design and its advantages versus UKEn's original Portland harbour site ("Portland"):
· The Design comprises 24 caverns at South Dorset providing up to 1.01 bcm working hydrogen volume, 12% greater than Portland's 0.9 bcm
· Calculated hydrogen withdrawal and injection rates at South Dorset could provide up to 2.9 times the annual cycling capacity of Portland, creating a technical maximum annual storage capacity of 30.2 TWh¹/yr vs Portland's 10.4 TWh¹/yr, a substantive increase
· If delivered and operated at full capacity, the site's technical maximum 30.2 TWh¹/yr annual storage capacity could represent a material proportion of the currently predicted UK 2050 annual hydrogen storage demand of 50-100 TWh¹/yr ²
· The design's adoption of a conventional "cushion gas" operating scheme would significantly reduce project development costs (CAPEX) by around 36% compared to Portland, reducing costs by around £450 million to £800 million
· The design's resultant increased cycling capacity, lower CAPEX and operating costs create potential for a significantly increased future annual revenue base versus Portland and a more competitive submission for government revenue support
· The site also lies closer to the planned H2 Connect hydrogen trunk pipeline, designed to connect South Dorset to the UK hydrogen transmission pipeline system (Project Union) and the main hydrogen clusters in the South, East Coast and Northwest.
Notes: ¹ TWh = terawatt hours; 1 bcm of pure hydrogen has the energy equivalent of ~3.0 TWh;
² based upon 2023 National Grid/NESO and Royal Society hydrogen demand predictions as per RNS 27/06 and 21/08/2024.
The design's significantly greater injection and withdrawal rates and consequent increased annual energy storage capacity compared to Portland, are a direct consequence of the underlying geology at the location. The Triassic salt is thicker, permitting larger caverns, and lies 1,070m closer to surface at 1,330m versus 2,400m at Portland. The associated lower hydrostatic pressure and temperatures within the salt underlying the Site enable a simple, conventional "cushion gas" scheme to be utilised to provide the minimum necessary cavern working pressure required to maintain cavern integrity.
The cushion gas scheme, as proposed by DEEP.KBB, is a proven technology used in numerous salt caverns in the UK, Europe and USA, offering a much simpler development and operation than the required brine compensation scheme (see glossary) at Portland. The Design's scheme requires no additional brine wells, brine facility or brine pipelines, plus there is only one well per storage cavern versus two for brine compensation.
Portland Energy Hub (UKEn 100%)
The Company has made a strategic decision that it will pursue revenue support only for its more competitive South Dorset and East Yorkshire projects and will no longer pursue the Portland project for storage.
However, given our positive relationship with Portland Port and the role of hydrogen in decarbonising the marine sector, the Company believes that there remain synergies between our South Dorset project and the port. To this end, UKEn and Portland Port have executed two Memorandums of Understanding to jointly pursue the following joint venture hydrogen opportunities centred around the Port and UKEn's material scale South Dorset Storage site (see RNS of 28 January 2025):
i. Generation of 1 GW of green hydrogen via import by ship of green hydrogen carrier liquids (and/or compressed green hydrogen) into Portland Port. Produced hydrogen gas to be piped locally into UKEn's nearby South Dorset salt cavern hydrogen storage site and then onwards to the wider UK.
ii. a. Generation of green hydrogen via electrolysis within Portland Port. Designed to capture excess 'locally' generated clean renewable (wind/solar) energy in UKEn's South Dorset storage. Stored energy would ultimately be converted to electrical power for future use/demand during low wind/solar periods, thus helping 'cure' the inherent intermittency of renewables (i.e., "a Hydrogen Battery").
b. Hydrogen to power generation within Portland Port. Designed to meet initial power requirements for UKEn's South Dorset Storage site and its environs.
The company's South Dorset hydrogen projects are now positioned at the core of the ambitious £28 billion DCESC, officially launched at UKREiiF in May 2025. With full backing from Dorset Council, the cluster brings together clean hydrogen production and storage, 2 GW of offshore wind in the English Channel, carbon capture and storage ("CCS"), and the development of a new deepwater facility for wind farm fabrication and maintenance - all centred around Portland Port. The company is actively collaborating with the DCESC team to advance its projects, strengthen stakeholder engagement, and build both regional and national political support.
East Yorkshire Hydrogen Storage (UKEn 100%)
The Company is planning a further hydrogen storage project in East Yorkshire, located nearby to the existing SSE Thermal/Equinor Aldbrough gas storage site.
Petroleum Assets
Asset Status Summary
|
Asset / Licence |
Status |
Notes |
Date of Change |
|
Horse Hill Oil Field (PEDL137 & PEDL246) |
Temporarily shut in, still owned |
Awaiting new retrospective planning consent following Supreme Court ruling; production to resume if approved |
June 2024 (shut-in); new submission due 2025 |
|
Loxley (PEDL234) |
Relinquished |
Planning permission upheld, but no farmout secured; licence surrendered |
End-June 2025 |
|
Broadford Bridge (PEDL234) |
Relinquished |
Planning extension refused; licence surrendered; commercial negotiations with CeraPhi Energy Ltd for re-purposing to geothermal |
End-June 2025 |
|
Turkey - Basur-Resan Licence |
Exited |
Pinarova-1 non-commercial; UKOG ceased activities and transferred 50% interest to AME |
2024/25 |
|
Horndean Oil Field (PL211, 10%) |
Sold |
Sold via sale of UKOG (GB) Ltd to Servatec Holdings Ltd |
Early 2025 |
|
Avington Oil Field (PEDL070, 5%) |
Sold (shut in) |
Included in sale of UKOG (GB) Ltd to Servatec; remains shut-in |
Early 2025 |
Horse Hill Oil Field, PEDL137 and PEDL246 (UKOG 85.635%)
The field and surrounding licences are operated by UKOG's subsidiary company HHDL in which UKOG has 77.9% ownership. The Licensees are HHDL (65% interest) and UKOG (137/246) Ltd (35% interest).
Following construction and baseline monitoring of three groundwater monitoring boreholes, all permit pre-operational conditions were submitted to the Environment Agency ("EA") for discharge in line with the permit requirements. The EA subsequently awarded a permit for water injection operations via the Horse Hill-2z well.
In June 2024, the Supreme Court ruled that in its 2019 grant of planning consent for the Company's oil production at Horse Hill, Surrey County Council ("SCC") did not request and consider in their assessment an estimate of the end-use carbon combustion emissions of produced hydrocarbons. The ruling now retrospectively requires that the end-use combustion emissions must be included in the development's Environmental Impact Assessment ("EIA") and assessed as part of the grant of planning consent for the development.
Following the Supreme Court ruling, the Company is working closely with Surrey County Council ("SCC") to restore planning consent via a new retrospective planning submission later in 2025. By agreement with SCC Horse Hill oil production was temporarily shut in pending restoration of planning approval. It is, however, fair to say that, from a subsurface and remaining untapped recoverable resource perspective, Horse Hill remains a strategic asset during our transition to clean power. On the expected resumption of its profitable production operations, the company will assess its future development opportunities so that it can contribute to the funding of our clean energy business.
At the time of this production shut-in 212,000 bbl of Brent quality crude had been produced and exported from the Portland and Kimmeridge pools.
Loxley, Broadford Bridge, PEDL234 (UKOG (234) 100%)
Due to the Broadford Bridge planning refusal and as no Loxley farmout resulted from our marketing efforts in an increasing difficult and hostile environment for the UK petroleum sector, the Company decided to relinquish PEDL234, containing the Loxley and Broadford Bridge discoveries, at end-June 2025.
Commercial discussions continue with CeraPhi Energy Ltd regarding potential for a geothermal energy agriculture project incorporating the Broadford Bridge asset.
Turkey, Basur-Resan Licence
As clean power and hydrogen storage are now UKOG's primary focus, the Company ceased its activities in Turkey, transferring its licence interest to AME.
Horndean Oil Field (UKOG 10%)
UKOG's second producing field is Horndean located in Hampshire. Star Energy, the Horndean oil field operator, carried out well interventions resulting in a 11% oil production increase in 2024 versus the budget. Horndean oil production in 2025 is forecast to be 24% above 2024 actual production. January 2025 production averaged 200 barrels of oil per day, 60% higher than the production in January 2024.
As a result of this positive production news and in keeping with our strategic move away from fossil fuels, the Company agreed the sale of its 100%-owned subsidiary UKOG (GB) Limited to Servatec Holdings Limited for a cash consideration of £400,000. This included the minority non-operated interests in two UK onshore petroleum licences, a 10% interest in PL211 and a 5% interest in PEDL070, containing the Horndean and Avington oil fields, respectively. Both licences are located in Hampshire.
Avington Oil Field (UKOG 5%)
Production from the Avington oil field remains shut in.
FINANCIAL REVIEW
Results overview
For the six months ended 31 March 2025, the Group reported a retained loss of £1.37 million (H1 2024: £1.43 million).
Revenue decreased to £0.31 million (H1 2024: £0.63 million), reflecting lower production volumes at Horse Hill following shut-in.
Cost of sales increased to £0.78 million (H1 2024: £0.40 million), driven by higher operating costs and an increase in depletion, depreciation and amortisation charges (£0.10 million; H1 2024: £0.05 million). As a result, the Group reported a gross loss of £0.47 million (H1 2024: £0.22 million profit).
Administrative expenses were significantly reduced to £0.44 million (H1 2024: £1.28 million) as the Group continued to streamline overheads and implement cost-saving measures. There were no other income items in the current
period (H1 2024: £0.09 million), while net foreign exchange gains were £0.003 million (H1 2024: £0.012 million).
The Group reported an operating loss of £0.91 million (H1 2024: £0.96 million). Finance costs remained broadly flat at £0.46 million (H1 2024: £0.47 million), primarily relating to interest on borrowings.
Overall, the loss before taxation was £1.37 million (H1 2024: £1.43 million). No taxation charge was recorded for the period (H1 2024: £nil).
The retained loss attributable to owners of the parent was £0.69 million (H1 2024: £1.22 million), with a further £0.66 million (H1 2024: £0.20 million) attributable to non-controlling interests.
There were no other comprehensive income or expense items in either period, and all operations remain continuing.
Earnings per share for the period were a basic and diluted loss of 0.0008 pence per share (H1 2024: 0.0007 pence loss per share).
Non-current assets totalled £2.7 million, reflecting impairment charges recognised in 2024 on legacy oil and gas assets (2023: £38 million). The balance primarily comprises capital expenditure on the hydrogen storage project.
Going concern
To further progress its hydrogen storage initiatives and to support its continued status as a going concern, the Company anticipates the likely need to raise additional capital before the end of Q2 2026. As part of a proactive funding strategy, the Group has already progressed the cash disposal of a non-core subsidiary and secured key commercial terms with a finance provider for a credit facility that it envisages will be finalised shortly , ensuring enhanced liquidity flexibility if required. These steps reflect the Company's disciplined approach to capital allocation and readiness to seize emerging market opportunities in the energy transition space.
Qualified Person's Statement
Kris Bone, UKOG's Chief Technical Officer, who has 28 years of relevant experience in the global petroleum industry, has approved the information contained in this announcement. Mr Bone is a Chartered Chemical Engineer and Petroleum Engineer.
For further information please contact:
|
UK Oil & Gas PLC |
|
|
|
Stephen Sanderson / Kris Bone / Guzyal Mukhametzhanova
|
Tel: 01483 941493 |
|
|
Zeus (Nominated Adviser and Broker) |
|
|
|
James Joyce / James Bavister / Andrew de Andrade
|
Tel: 0203 829 5000 |
|
|
CMC Markets (Joint Broker) Douglas Crippen
Communications |
Tel: 0203 003 8632 |
|
|
Brian Alexander |
Tel: 01483 941493 |
|
The information contained within this announcement is deemed to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company's obligations under Article 17 of the UK MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
Consolidated Income Statement (Unaudited)
for the six months ended 31 March 2025
|
|
|
6 months |
6 months |
|
|
|
|
|
31 March 2025 |
31 March 2024 |
|
|
|
|
|
(Unaudited) |
(Unaudited) |
|
|
|
|
|
£'000 |
£'000 |
|
|
|
|
|
|
|
|
|
|
Revenue |
|
314 |
627 |
|
|
|
Depletion, Depreciation and Amortisation |
|
(98) |
(51) |
|
|
|
Other Cost of sales |
|
(684) |
(354) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross (loss) / profit |
|
(468) |
222 |
|
|
|
|
|
|
|
|
|
|
Operating expenses |
|
|
|
|
|
|
Administrative expenses |
|
(444) |
(1,280) |
|
|
|
Foreign exchange gains/ losses |
|
3 |
12 |
|
|
|
Other income |
|
- |
90 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss |
|
(909) |
(956) |
|
|
|
|
|
|
|
|
|
|
Finance costs |
|
(459) |
(469) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss before taxation |
|
(1,368) |
(1,425) |
|
|
|
|
|
|
|
|
|
|
Taxation |
|
- |
- |
|
|
|
|
|
|
|
|
|
|
Retained loss for the period |
|
(1,368) |
(1,425) |
|
|
|
|
|
|
|
|
|
|
Retained loss attributable to: |
|
|
|
|
|
|
Owners of the parent |
|
(685) |
(1,222) |
|
|
|
Non-controlling interest |
|
(663) |
(203) |
|
|
|
|
|
(1,368) |
(1,425) |
|
|
|
There are no other comprehensive income or expenses during the two reported periods to disclose.
All operations are continuing.
|
|
There are no other comprehensive income or expenses during the two reported periods to disclose.
All operations are continuing.
|
|||
|
Earnings per share |
|
|
|
|
|
|
|
|
Pence |
Pence |
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
2 |
(0.0004) |
(0.0007) |
|
|
Consolidated Statement of Financial Position (Unaudited)
as at 31 March 2025
|
|
|
31 March 2025 |
30 September 2024 |
31 March 2024 |
|
|
|
|
(Unaudited) |
(Audited) |
(Unaudited) |
|
|
|
|
£'000 |
£'000 |
£'000 |
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
Non-current assets |
|
|
|
|
|
|
Exploration & evaluation assets |
|
- |
- |
34,070 |
|
|
Development assets |
|
1,764 |
1,497 |
|
|
|
Oil & Gas properties |
|
955 |
598 |
2,308 |
|
|
Property, Plant & Equipment |
|
13 |
13 |
1,391 |
|
|
|
|
|
|
|
|
|
Total non-current assets |
|
2,732 |
2,108 |
37,768 |
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
Inventory |
|
2 |
2 |
28 |
|
|
Trade and other receivables |
|
824 |
614 |
491 |
|
|
Cash and cash equivalents |
|
373 |
1,039 |
952 |
|
|
Total current assets |
|
1,199 |
1,655 |
1,471 |
|
|
|
|
|
|
|
|
|
Total Assets |
|
3,939 |
3,763 |
39,239 |
|
|
|
|
|
|
|
|
|
Trade and other payables |
|
(939) |
(1,268) |
(703) |
|
|
Borrowings |
|
(3,310) |
(3,310) |
(3,800) |
|
|
Total current liabilities |
|
(4,250) |
(4,578) |
(4,503) |
|
|
|
|
|
|
|
|
|
Provisions |
|
(588) |
(759) |
(1,442) |
|
|
Non-current Liabilities |
|
(588) |
(759) |
(1,442) |
|
|
|
|
|
|
|
|
|
Total liabilities |
|
(4,837) |
(5,337) |
(5,945) |
|
|
|
|
|
|
|
|
|
Net Assets |
|
898 |
(1,574) |
33,294 |
|
|
|
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
Share capital |
|
14,854 |
14,846 |
14,183 |
|
|
Share premium account |
|
116,810 |
113,766 |
111,245 |
|
|
Own shares held in trust |
|
(326) |
(326) |
- |
|
|
Share-based payment reserve |
|
82 |
82 |
2,044 |
|
|
Accumulated losses |
|
(130,335) |
(127,964) |
(93,975) |
|
|
|
|
1,085 |
405 |
33,497 |
|
|
Non-controlling interest |
|
(1,984) |
(1,979) |
(203) |
|
|
|
|
|
|
|
|
|
Total shareholders' equity |
|
898 |
(1,574) |
33,294 |
|
Statement of Cash Flows (Unaudited)
for the six months ended 31 March 2025
|
|
|
6 months |
6 months |
|
|
|
31 March 2025 |
31 March 2024 |
|
|
|
(Unaudited) |
(Unaudited) |
|
|
|
£'000 |
£'000 |
|
|
|
|
|
|
Cash flows from operating activities |
|
|
|
|
Loss from operations |
|
(1,347) |
(956) |
|
Depletion & impairment |
|
98 |
51 |
|
Decrease / (increase) in trade and other receivables |
|
163 |
263 |
|
Increase/ (decrease) in trade and other payables |
|
304 |
68 |
|
Net cash outflow from operating activities |
|
(782) |
(574) |
|
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
Expenditures on exploration & evaluation assets |
|
(686) |
(862) |
|
Expenditures on oil & gas properties |
|
(29) |
(83) |
|
Expenditures on property, plant & equipment |
|
- |
- |
|
Net cash outflow from investing activities |
|
(715) |
(945) |
|
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
Proceeds from issue of share capital |
|
882 |
705 |
|
Repayment of minority interest loans |
|
- |
(102) |
|
Net cash inflow from financing activities |
|
882 |
603 |
|
Net change in cash and cash equivalents |
|
(666) |
(916) |
|
|
|
|
|
|
Cash and cash equivalents at the beginning of the period |
|
1,039 |
1,868 |
|
|
|
|
|
|
Cash and cash equivalents at the end of the period |
|
373 |
952 |
Notes to the half-yearly results
1. Basis of preparation
As permitted by IAS 34, 'Interim Financial Reporting' has not been applied to these half-yearly results. The financial information of the Company for the six months ended 31 March 2025 have been prepared in accordance with the recognition and measurement principles of International Financial Reporting Standards, International Accounting Standards and Interpretations (collectively "IFRS") issued by the International Accounting Standards Board ("IASB") as adopted by the European Union ("adopted IFRS") and are in accordance with IFRS as issued by the IASB. The condensed interim financial information has been prepared using the accounting policies which will be applied in the Company's statutory financial statements for the period ending 30 September 2024.
The financial information shown in this publication is unaudited and does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. Comparative figures for the financial year ended 30 September 2024 have been derived from the statutory accounts for 30 September 2024. The statutory accounts have been delivered to the Registrar of Companies. The auditors have reported on those accounts; their report was unqualified and did not contain statements under the section 498(2) or 498(3) of the Companies Act 2006.
2. (Loss) per share
The calculation of the basic and diluted (loss) per share is based upon
|
|
|
6 months |
|
6 months |
|
|
|
31 March 2025 |
|
31 March 2024 |
|
|
|
(Unaudited) |
|
(Unaudited) |
|
Group |
|
£'000 |
|
£'000 |
|
(Loss) attributable to ordinary shareholders |
|
(685) |
|
(1,222) |
|
|
|
|
|
|
|
|
|
Number |
|
Number |
|
|
|
|
|
|
|
Weighted average number of ordinary shares for |
17,217,274,165 |
|
2,109,637,610 |
|
|
|
|
|
|
|
|
|
|
Pence |
|
Pence |
|
|
|
|
|
|
|
Basic and diluted loss per share |
|
(0.0004) |
|
(0.0004) |
3. Availability of the Interim Report
Copies of the report will be available from the Company's registered office and also from the Company's website www.ukogplc.com
The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014.
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