StockMarketWire.com - UK Oil and Gas Investments has widened its FY pretax loss to GBP1.7m, from a loss of GBP0.9m. Revenue was GBP0.24m, from GBP7000.

"This has been a significant period for UKOG where our key investments and assets have shown substantial progress towards realising their full economic potential," the company said in a statement.

"Much of the progress has come from the intense effort by the technical team and the related investment in cutting edge science and technology by our investee companies. These technical efforts also provided the basis for key further acquisitions during the period."

HIGHLIGHTS:

· Truly ground-breaking initial results from Horse Hill. UKOG will now seek new regulatory permissions to conduct a long term production test.

· Farmed in to the highly-promising Holmwood licence for an initial 20% interest, increasing to 30%.

· The Oil and Gas Authority offered UKOG and its partners the PEDL331 Isle of Wight onshore licence.

· UKOG completed its acquisition of three UK subsidiaries of Northern Petroleum Plc.

· UKOG currently has 21.3 million barrels of net attributable P50 Contingent and Prospective Resources, not including Horse Hill nor the Isle of Wight.


At 9:50am: [LON:UKOG] Uk Oil Gas Investments Plc a Ord 0.01p share price was -0.05p at 2.78p



Story provided by StockMarketWire.com