Reported Earnings • May 06
Full year 2025 earnings released Full year 2025 results: Revenue: UK£432.0k (down 61% from FY 2024). Net loss: UK£3.76m (loss narrowed 90% from FY 2024). Board Change • May 05
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 4 non-independent directors. Chief Technical Officer & Executive Director Kris Bone was the last director to join the board, commencing their role in 2024. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Feb 07
UK Oil & Gas PLC Announces Broadford Bridge Well Abandonment Completed UK Oil & Gas PLC announced that as part of the Company's commitment to transitioning into clean energy, it has now successfully Plugged and Abandoned its Broadford Bridge-1/1z well. The operation, which commenced in late 2025 and finished on 4th February 2026, was carried out in full accordance with all pertinent regulatory requirements, agreed programmes and consents. This milestone confirms the Company's compliance with its regulatory obligations, demonstrating its continued commitment to responsible operations and asset stewardship during its transition into clean energy-storage and hydrogen production. West Sussex County Council, the governing local planning authority, were kept fully informed regarding the operation and its progress. Announcement • Nov 22
UK Oil & Gas PLC has completed a Follow-on Equity Offering in the amount of £0.519862 million. UK Oil & Gas PLC has completed a Follow-on Equity Offering in the amount of £0.519862 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 3,249,134,670
Price\Range: £0.00016
Transaction Features: Subsequent Direct Listing Announcement • Oct 16
UK Oil & Gas PLC has completed a Follow-on Equity Offering in the amount of £1 million. UK Oil & Gas PLC has completed a Follow-on Equity Offering in the amount of £1 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 3,333,333,330
Price\Range: £0.0003
Transaction Features: Subsequent Direct Listing Reported Earnings • Oct 06
First half 2025 earnings released: EPS: UK£0 (vs UK£0.001 loss in 1H 2024) First half 2025 results: EPS: UK£0 (improved from UK£0.001 loss in 1H 2024). Revenue: UK£314.0k (down 50% from 1H 2024). Net loss: UK£685.0k (loss narrowed 44% from 1H 2024). Announcement • Oct 04
UK Oil & Gas PLC has completed a Follow-on Equity Offering in the amount of £3.5 million. UK Oil & Gas PLC has completed a Follow-on Equity Offering in the amount of £3.5 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 10,000,000,000
Price\Range: £0.0003
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 1,666,666,666
Price\Range: £0.0003
Transaction Features: Subsequent Direct Listing Board Change • Oct 02
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 2 highly experienced directors. No independent directors (4 non-independent directors). Non-Executive Chairman Nick Mardon-Taylor was the last director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Announcement • Jul 03
Servatec Holdings Limited agreed to acquire UKOG (GB) Ltd. from UK Oil & Gas PLC (AIM:UKOG) for £0.40 million. Servatec Holdings Limited agreed to acquire UKOG (GB) Ltd. from UK Oil & Gas PLC (AIM:UKOG) for £0.40 million on July 3, 2025. A cash consideration of £0.4 million will be paid by Servatec Holdings Limited. As part of consideration, £0.4 million is paid towards common equity of UKOG (GB) Ltd.
As of December 31, 2024, UKOG (GB) Ltd. reported total common equity of £0.64 million and net profit for the December 31, 2023 was £0.14 million. James Joyce, James Bavister and Andrew de Andrade of Zeus Capital Ltd acted financial advisor to UK Oil & Gas PLC (AIM:UKOG). New Risk • Mar 31
New major risk - Revenue and earnings growth Revenue has declined by 28% over the past year. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If revenues are declining, then it is difficult for the company to prevent its earnings from declining as well. A trend of falling revenue can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (18% average weekly change). Revenue has declined by 28% over the past year. Shareholders have been substantially diluted in the past year (292% increase in shares outstanding). Market cap is less than US$10m (UK£1.35m market cap, or US$1.75m). Minor Risks Latest financial reports are more than 6 months old (reported March 2024 fiscal period end). Revenue is less than US$5m (UK£1.3m revenue, or US$1.6m). Announcement • Feb 21
UK Oil & Gas PLC has completed a Follow-on Equity Offering in the amount of £0.400431 million. UK Oil & Gas PLC has completed a Follow-on Equity Offering in the amount of £0.400431 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 3,925,797,833
Price\Range: £0.000102
Transaction Features: Subsequent Direct Listing Announcement • Feb 11
Uk Oil & Gas plc Provides Production Guidance for the Year 2025 UK Oil & Gas PLC provided production guidance for the year 2025, the company Based upon the improved post-workover performance, the operator, Star Energy, now forecasts 2025 annual field production to be 61,195 barrels ("bbl") compared to 49,402 bbl produced in 2024, a material24% increase if achieved. The forecast assumes an average daily rate of 168 bopd. As January 2025's 200 bopd average is already 19% above the 168 bopd2025 annual field production forecast, further potential exists for increased 2025 production over the forecast. New Risk • Jan 14
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended March 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (11% average weekly change). Shareholders have been substantially diluted in the past year (216% increase in shares outstanding). Market cap is less than US$10m (UK£1.56m market cap, or US$1.89m). Minor Risks Latest financial reports are more than 6 months old (reported March 2024 fiscal period end). Revenue is less than US$5m (UK£1.3m revenue, or US$1.6m). Announcement • Nov 23
UK Oil & Gas PLC has completed a Follow-on Equity Offering in the amount of £0.055537 million. UK Oil & Gas PLC has completed a Follow-on Equity Offering in the amount of £0.055537 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 222,148,000
Price\Range: £0.00025
Transaction Features: Rights Offering Announcement • Nov 19
UK Oil & Gas PLC has completed a Follow-on Equity Offering in the amount of £0.5 million. UK Oil & Gas PLC has completed a Follow-on Equity Offering in the amount of £0.5 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 2,000,000,000
Price\Range: £0.00025
Transaction Features: Subsequent Direct Listing Announcement • Sep 17
UK Oil & Gas PLC Announces Management Changes UK Oil & Gas PLC announced that Kris Bone has been appointed to the Company's board as an Executive Director and Chief Technical Officer with immediate effect. Kris is a petroleum engineer and chartered chemical engineer with 25 years of experience in the petroleum, underground gas storage and energy development sectors. He joined the Company in 2019 and brings technical knowledge, leadership and management experience across planning and development, surface and subsurface engineering, drilling and production operations, project management, HSE and regulatory compliance. Kris has worked on salt cavern wells, conventional geological gas storage projects and as an independent UK well/borehole examiner. He will lead the technical, engineering, and development side of the Company's hydrogen storage projects. Kristopher Ronnie Bone (aged 48) directorships and partnerships in the last five years are as follows: Current: UK Energy Storage Ltd; B Capital Holdings Limited; KB Consulting & Services Limited. Kiran Morzaria, Non-Executive Director, has now stepped down from the board to focus wholly on his role as CEO of Cadence Minerals and its related mining investments. Kiran has been a highly valued member of UKOG's Board since October 2015. Allen Howard, Executive Director, will now also revert to his original Non-Executive Director role with immediate effect. Announcement • Aug 03
UK Oil & Gas PLC Announces That Its Strategic Dorset and Yorkshire Underground Hydrogen Storage Projects Have Received A Further Key Letter of Support (Los) from RWE UK Oil & Gas PLC is delighted to announce that its strategic Dorset and Yorkshire underground hydrogen storage projects have received a further key letter of support ("LOS") from RWE, a leading global energy company and one of the largest renewable and conventional UK electricity generators, supplying around 15% of UK power demand. RWE is also a major player in the UK green hydrogen space, a sector with key synergies to UKEn's storage projects. RWE's planned green hydrogen plants within the Solent Cluster, Didcot and Teesside, are both in geographic and planned pipeline proximity to UKEn's storage projects and present the opportunity to store hydrogen created from excess renewable power for future conversion to power during periods when the wind doesn't blow, the sun doesn't shine, or there are unforeseen power demand spikes. The Company's storage projects are operated by its wholly owned subsidiary UK Energy Storage ("UKEn"). The RWE LOS along with similar LOS from major Japanese trading house Sumitomo and hydrogen pipeline provider SGN (see RNS of 29th May and 27th June 2024) will be used as required documentation for the Company's future application for government hydrogen storage Revenue Support over the coming months. The LOS identifies a potentially significant storage user together with highlighting the wider positive impact of UKEn's planned storage upon the efficient operation of the wider hydrogen energy system. Whilst the Company's strategic storage projects are at an early engineering design stage and there can be no certainty they will receive government Revenue Support, the Company is committed to furthering these projects which will remain as the focus of the Company's overall future strategy. The Company expects to receive further LOS and agreements with strategic partners in due course. Reported Earnings • Jul 01
First half 2024 earnings released: EPS: UK£0 (vs UK£0.001 loss in 1H 2023) First half 2024 results: EPS: UK£0 (improved from UK£0.001 loss in 1H 2023). Net loss: UK£1.22m (loss narrowed 18% from 1H 2023). New Risk • Jun 30
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -UK£3.8m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-UK£3.8m free cash flow). Share price has been highly volatile over the past 3 months (17% average weekly change). Shareholders have been substantially diluted in the past year (88% increase in shares outstanding). Market cap is less than US$10m (UK£673.4k market cap, or US$851.2k). Minor Risk Revenue is less than US$5m (UK£1.3m revenue, or US$1.6m). Announcement • May 05
UK Oil & Gas PLC, Annual General Meeting, May 29, 2024 UK Oil & Gas PLC, Annual General Meeting, May 29, 2024, at 10:00 Coordinated Universal Time. Location: 8th Floor, The Broadgate Tower, 20 Primrose Street London , United Kingdom New Risk • Apr 21
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 58% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (17% average weekly change). Shareholders have been substantially diluted in the past year (58% increase in shares outstanding). Market cap is less than US$10m (UK£1.23m market cap, or US$1.53m). Minor Risk Revenue is less than US$5m (UK£1.5m revenue, or US$1.9m). Board Change • Apr 03
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 2 highly experienced directors. No independent directors (4 non-independent directors). Non-Executive Chairman Nick Mardon-Taylor was the last director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Announcement • Mar 27
UK Oil & Gas PLC Announces Loxley Gas Project Update UK Oil & Gas PLC announced that following the Court of appeal's 9th January 2024 ruling refusing any further appeals against Loxley's lawful planning consent (RNS of 10 January 2024), the North Sea Transition Authority has now granted a one-year extension to the PEDL234 licence's Retention Area Work Programme in which the Loxley gas discovery is contained. In order to retain the full 300 km2 licence area without any future partial relinquishment, the Company must now commence drilling the Loxley-1 appraisal borehole no later than 30 June 2025. Loxley-1 is designed to confirm the commercial viability of the Company's material 100%-owned Loxley gas discovery and its related hydrogen feedstock project. Loxley's current Competent Persons Report ("CPR") assessed that Loxley, one of the UK onshore's largest historic gas discoveries, contains a mid-case 2C Contingent Resources recoverable volume of 31.0 billion cubic feet net to UKOG. The CPR's associated post-tax 2C case present value (at 10% discount rate) was assessed at PS124 million net to UKOG using end December 2022 gas prices and PS87 million net to UKOG using an RPS Energy forward price forecast. Announcement • Feb 24
UK Oil & Gas PLC, Annual General Meeting, Mar 05, 2024 UK Oil & Gas PLC, Annual General Meeting, Mar 05, 2024, at 11:00 Coordinated Universal Time. Location: 8th Floor, The Broadgate Tower, 20 Primrose Street, EC2A 2EW London United Kingdom Announcement • Feb 02
UK Oil & Gas PLC Announces Pinarova-1 Testing Operations Update UK Oil & Gas plc announced that, following successful reperforating and extensive swab testing at Pinarova-1 by operator Aladdin Middle East, the company has mutually concluded that, in the absence of commercial rates of hydrocarbons, no further testing will take place. Given the prior recovery of mobile light42° API oil from the mud pit (RNS of 22nd September 2023), oil shows, strong oil odours at surface over a 12-hour drilling period and the associated shot-hole oil seep with geochemically identical oil, the company is disappointed that Pinarova-1 has not met joint expectations. However, the company believe that the drilling and testing results indicate Pinarova likely penetrated the southernmost feather edge of a small oil accumulation within the Germik/Hoya sequence, stretching updip towards Kezer-1. Preliminary analysis of all data indicates that the source of these shallow light oils is most likely from spill or seepage from an underlying deeper light oil pool in the Kezer-Pinarova area. The company will continue to investigate the commercial potential of both these future targets. The testing operations involved successfully detonating 7-inch perforating guns at 12 shots per foot over a 40 ft section of Germik/Hoya sequence, a comprehensive injectivity and swab testing programme, followed by an acidisation operation and further swab testing. Results confirmed full communication with the reservoir via the new 7-inch perforations, justifying the Company's interpretation that the original 4.5-inch guns did not fully access the Hoya/Germik reservoir. Costs for the operations were kept to a minimum throughout. The larger guns, supplied by PSI, were used following normal site rig up and necessary safety and environmental checks. UKOG's own site representative was on hand to monitor quality control and safe operations. UKOG holds a 50% non-operated interest in Pinarova-1 and the surrounding 305 km² Resan licence. Announcement • Jan 23
UK Oil & Gas PLC Announces Pinarova-1 Testing Operations Commence UK Oil & Gas plc announced that following the delivery of both PSI's perforating and Aladdin Middle East's ("AME") swab testing equipment to site, Pinarova-1 testing operations have now recommenced. PSI's larger 7-inch perforation guns will be deployed following normal site rig up and necessary safety and environmental checks. UKOG's site representative will monitor and quality control the full operational programme. Further updates will be issued in due course. The new larger 7-inch perforating guns, capable of fully penetrating Pinarova's 9?-inch casing, will be deployed over the Germik/Hoya section where strong oil odours at surface were recorded over a 12-hour period during drilling and mobile light 42° API oil was recovered from the mud pit. Geochemical analysis found the mud pit oil to be near identical to that found in the seismic shot hole oil seep, located around 1.5 km to the west. Announcement • Jan 12
UK Oil & Gas PLC has completed a Follow-on Equity Offering in the amount of £0.75 million. UK Oil & Gas PLC has completed a Follow-on Equity Offering in the amount of £0.75 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 3,750,000,000
Price\Range: £0.0002
Transaction Features: Subsequent Direct Listing Announcement • Jan 11
UK Oil & Gas PLC Announces Update on Pinarova-1 Testing UK Oil & Gas PLC announced that following the successful completion of repair and strengthening of the access track and well pad during recent good weather, the company is advised by operator AME that perforating operations should commence towards the end of next week or by the following 22 January 2024. PSI, the service provider of the new 7-inch perforating guns, capable of fully penetrating Pinarova's 9?-inch casing, has now been mobilised and their wireline-conveyed perforating operations can start in line with the above schedule. Further updates will be issued in due course. The new guns will be deployed over the Germik/Hoya section where strong oil odours at surface were recorded over a 12-hour period during drilling and mobile light oil was recovered from the mud pit. Geochemical analysis found the mud pit oil to be near identical to that found in the seismic shot hole oil seep, located around 1.5 km to the west. UKOG holds a 50% non-operated interest in Pinarova-1 and the surrounding 305 km² Resan licence, which also includes the as yet undeveloped Basur-1 light oil discovery. Announcement • Jan 10
UK Oil & Gas PLC Announces Court of Appeal Upholds Loxley Planning Consent UK Oil & Gas PLC announced that the Court of Appeal has refused permission for any further appeal against the grant of planning consent for the Company's Loxley conventional gas and hydrogen feedstock project in Surrey. The Court of Appeal's decision is final and cannot be further reviewed or appealed. Consequently, Loxley'splanning permission will now remain in full force and effect for its full term. The order made by the Right Honourable Lord Justice Stuart-Smith has upheld the Honourable MrsJustice Steyn DBE's High Court order dated 20 July 2023 refusing permission to appeal. Both the Court of Appeal and High Court orders state that an appeal would have no real prospect of success. UKOG has consistently stated that Loxley can play its part in the government's Hydrogen and British Energy Security Strategies via the supply of its gas as feedstock for reformation into clean burning hydrogen. Loxley's hydrogen potential forms part of the Company's move into the hydrogen space along with its Portland hydrogen storage project in Dorset. New Risk • Nov 12
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 6.2% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (UK£6.49m market cap, or US$7.94m). Minor Risks Share price has been volatile over the past 3 months (8.4% average weekly change). Shareholders have been diluted in the past year (6.2% increase in shares outstanding). Revenue is less than US$5m (UK£1.8m revenue, or US$2.2m). Announcement • Oct 14
UK Oil & Gas PLC Announces Pinarova-1 Testing Update UK Oil & Gas plc announced that Aladdin Middle East, the Pinarova-1 operator, has advised that the resumption of testing operations within the Germik/Hoya sequence, utilising larger and more powerful 7-inch perforating guns, capable of fully penetrating the well's 9?-inch casing, is expected in around 4 weeks once the guns are on site. Testing will cover the section where strong oil odours at surface were recorded over a 12-hour period during drilling and mobile light oil was recovered from the mud pit. Subsequent geochemical analysis revealed that the Pinarova mud pit oil is near identical to and from the same source rock as the 42° API seismic shot hole oil seep, located around 1.5 km to the west. UKOG holds a 50% non-operated interest in Pinarova-1 and the surrounding 305 km² Resan licence, which also includes the as yet undeveloped Basur-1 light oil discovery.Matt Cartwright, UKOG's Commercial Director, who has 40 years of relevant experience in the global petroleum industry, has approved the information contained in this announcement. Mr. Cartwright is a Chartered Engineer and member of the Society of Petroleum Engineers. Announcement • Sep 22
UK Oil & Gas PLC Announces Pinarova-1 Testing Update UK Oil & Gas PLC announced that following the temporary suspension of Pinarova-1 testing operations, larger and more powerful 7-inch perforating guns, capable of fully penetrating Pinarova-1's 9?-inch casing and cement and that are available for import into Turkey, have now finally been sourced. The company is working closely with the Pinarova-1 operator, Aladdin Middle East, to facilitate delivery to the site as soon as possible so as testing operations can recommence. As per the Company's 23rd May 2023 RNS, downhole pressure gauge data showed that the original 4.5-inch perforating guns, the only size guns available in-country, did not establish direct contact with the formation. Therefore, tests to date did not assess the potential of the zones associated with the 12 hours of strong crude oil odour and oil at surface as previously reported on 3rd May 2023. Additionally, new geochemical analyses undertaken by UK/Norway based APT Ltd. demonstrate that both the Pinarova mud-pit oil sample and oil samples from the nearby shallow seismic shot-hole seep are a geochemical close match and most likely originate from the same Mesozoic age oil source rock, located beneath the general area of the shallow Pinarova structure. With this in mind, should further testing be positive, consideration is being given to the acquisition of a small 3D seismic programme to identify a possible deeper oil pool, seepage/spill from which being the most likely primary source of both the seep and Pinarova oils. Pinarova-1, located 6 km north of the Basur-1 oil discovery, was designed to test a working hypothesis, supported by well and seismic data, that the active 42° API light oil seep found last summer in a seismic shot hole above the Pinarova structure, is directly fed by and connected to an underlying light oil accumulation lying within the Germik and/or Hoya limestones. UKOG holds a 50% non-operated interest in Pinarova-1 and the surrounding 305 km² Resan licence, which also includes the as yet undeveloped Basur-1 light oil discovery. Announcement • Jun 29
UK Oil & Gas PLC announced that it expects to receive £3 million in funding from Riverfort Global Opportunities Pcc Ltd, Yorkville Advisors Global LP UK Oil & Gas PLC announced a private placement of a funding facility for gross proceeds of £3,000,000 along with warrants on June 28, 2023. The transaction will include participation from returning lenders, Riverfort Global Opportunities Pcc Ltd and YA II PN, Ltd., a fund managed by Yorkville Advisors Global LP. On each drawdown date the investors will also be granted warrants to subscribe for ordinary shares. Each investor will be granted such number of warrants as is equal to 33% (in aggregate) of the relevant advance divided by the applicable Reference Price for that advance. In respect of the first tranche, the investors will be granted 1,125,895,598 warrants. The warrants are exercisable at a premium of 140% of the 5-day average VWAP prior to the relevant drawdown for a period of 36 months from the relevant date of grant. As is customary, the Loan contains certain default provisions. The transaction will be carried out in three tranches. £2,000,000 is receivable no later than 2 days after completion, £500,000 receivable by no later than November 17, 2023, and £500,000 receivable no later than February 16, 2024. Further advance of up to £2,000,000 is by mutual consent. The loan carries no interest and is repayable 18 months after each advance. The company retains a right to repay any outstanding amount of the loan prior to the expiry of the term, subject to a repayment fee of 10% of the outstanding balance. Announcement • May 24
UK Oil & Gas PLC Announces Pinarova-1 Testing Update UK Oil & Gas PLC announced that the Company and Aladdin Middle East, the Pinarova-1 operator, have jointly decided to temporarily suspend testing operations pending access to larger, more powerful, 7-inch perforating guns, capable of fully penetrating Pinarova's 9 5/8-inch casing and cement. The decision results from analysis of downhole pressure gauge data from testing operations, which indicates that the 4.5-inch perforating guns used have been unable to establish direct contact with the formation through the casing and cement. Consequently, to date, tests have not yet been able to assess the potential of the zones associated with the 12 hours of strong crude oil odour and oil at surface as previously reported on May 3, 2023. AME had previously advised that the 4.5- inches perforating guns were the largest available in-country and are now working with the sole licenced perforating gun provider in operational area of SE Turkey to source the required equipment. A further update will follow when the date of testing operation resumption becomes clear. As per the RNS of May 3, the geochemical analysis of samples of Pinarova oil collected from the mud pit, the nearby seismic shot-hole seep and from East Sadak-12's Beloka/Mardin reservoir, proceeds ahead via laboratories in the UK and Norway. Pinarova-1, located 6 km north of the Basur-1 oil discovery, was designed to test a working hypothesis, supported by well and seismic data, that the active 41.7@ API light oil seep found last summer in a seismic shot hole above the Pinarova structure, is directly fed by and connected to an underlying light oil accumulation lying within the Germik and/or Hoya limestones. UKOG holds a 50% non-operated interest in Pinarova-1 and the surrounding 305 km2 Resan licence, which also includes the as yet undeveloped Basur-1 light oil discovery. Announcement • May 06
UK Oil & Gas PLC Announces Pinarova-1 Update UK Oil & Gas PLC announced that Pinarova-1 has reached its final depth of 600 metres below surface. Electric logs over both the 9 5/8 inch cased hole and 8 1/2 inch open hole section have been acquired and the delivery of a final log interpretation is awaited. Plans are now being made to run a conventional selective cased hole flow test operation. The proposed uppermost zone, from approximately 255-285 metres, corresponds to a 12-hour period of strong oil odour at surface and the recovery of light c. 38 API oil within fluids returned to surface from the same depth. The sourcing of suitable perforating guns to run in the 9 5/8 inch casing is currently underway. A sample of the oil recovered from Pinarova (as detailed above) along with samples of the 41.7 API oil recovered from the active seismic shot-hole seep and 43. API oil from the nearby East Sadak field, have now also been dispatched to the UK for detailed geochemical study. The oil study's primary objectives are to determine; a. whether the Pinarova oil sample matches the oil from the shot-hole seep, b. whether it's derived from the same general Upper Jurassic source as E. Sadak or c. it has another origin from shallower Cretaceous origin. The geochemical results will assist the Company's current investigations into the possibility that a deeper light oil accumulation may also exist below the Pinarova area within Cretaceous limestones. Pinarova-1, located 6 km north of the Basur-1 oil discovery, was designed to test a working hypothesis, supported by well and seismic data, that the active 41.7 API light oil seep found last summer in a seismic shot hole above the Pinarova structure, is directly fed by and connected to an underlying light oil accumulation of some 9 km2 areal extent within the Hoya limestones, which lie between c. 300-645 metres below surface. UKOG holds a 50% non-operated interest in Pinarova-1 and the surrounding 305 km2 Resan licence, which also includes the as yet undeveloped Basur-1 light oil discovery. Reported Earnings • Apr 06
Full year 2022 earnings released: EPS: UK£0 (vs UK£0 in FY 2021) Full year 2022 results: EPS: UK£0 (in line with FY 2021). Net loss: UK£4.87m (loss widened 8.4% from FY 2021). Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has fallen by 45% per year, which means it is significantly lagging earnings. Announcement • Feb 07
Uk Oil & Gas plc Announces PEDL234 Loxley gas discovery update UK Oil & Gas PLC announced that SGN (southern England's gas distribution pipeline network operator) has confirmed that their Local Transmission System (LTS) can accept all the potential future gas production from UKOG's 100%-owned Loxley gas discovery. SGN's capacity thus provides a clear route to the wider gas market and the monetisation of Loxley's gas. SGN's network analysis demonstrates that the LTS can readily accept 34,500 cubic metres per hour (equivalent to 30 million cubic feet of gas per day), corresponding to Loxley's high-side forecast field production rate. A pipeline routeing study to the identified grid entry point can now commence. Announcement • Feb 01
UK Oil & Gas PLC Announces PEDL234 Loxley Gas Discovery Update UK Oil & Gas PLC announced that the North Sea Transition Authority (NSTA) has granted its consent to a modified PEDL234 Retention Area (RA) work programme. The revision will permit the company to focus license activities entirely upon the acceleration of the planned appraisal campaign of its material 100%-owned Loxley gas discovery. In accordance with the revised RA programme, the Company has agreed to commencethe Loxley-1 appraisal well by 30th June 2024. Loxley-1, designed to confirm the commercial viability of the discovery, is planned to be completed as a future production well, one of only two wells required to produce Loxley's entire estimated material recoverable gas resources. The second production well, designed to maintain the desired plateau gas production rate, must be drilled by summer 2029. In the event Loxley-1 confirms the discovery's commercial viability, the Company has also agreed to acquire 10 km²of 3D seismic over the field by 30th June 2025 and to submit a Field Development Plan for NSTA consent by the end of 2025. Announcement • Jan 11
UK Oil & Gas PLC Provides Operational Update on New Pinarova-1 Well Further to the analysis of the Third Quarter 2022 Phase 2 Seismic Programme UK Oil & Gas PLC announced that the Resan JV (UKOG 50% working interest) has identified and plans to drill in First Quarter 2023, a new potential shallow oil accumulation, Pinarova, of some 9 km² areal extent, located 6 km north of the Basur-1 oil discovery. The new Pinarova-1 well is designed to test a working hypothesis, supported by well and seismic data, that the active (41.7°API) light oil seep found last summer in a seismic shot hole above the Pinarova structure, is directly fed by and connected to an underlying light oil accumulation within Eocene Hoya group limestones, 300-645m below surface. The presence of movable oil within Pinarova is indicated by results of the 2018 Kezer-1 shallow geothermal well, located near the apex of the Pinarova geological feature. Kezer-1 reported strong oil shows throughout the Hoya and flowed heavily oil-cut fluids to surface on a short open-hole geothermal test. Kezer-1 was deemed unsuitable for geothermal purposes and abandoned. Both new and legacy seismic data also show a series of vertically stacked seismic amplitude anomalies within the core of Pinarova's Hoya structure, possibly directly indicating hydrocarbons and/or the development of good reservoir within the Hoya. The Company and its joint partner Aladdin Middle East ("AME") consider Pinarova to offer similar potential success case outcomes to a Basur-4 appraisal well, but at a much lower drilling cost (c. $0.66 million gross versus c. $4.12 million gross) and with a shorter time to execution and delivery. Pinarova-1 will, therefore, be designed to test if light oil is present in commercially viable saturations and quantities within the Hoya and, if successful, will be completed as a pumped oil production well. If successful, Pinarova-1 would likely be followed by a Pinarova-2 well and/or a Basur-4 appraisal well drilled from a new site west of Basur-1. Analysis of the new Phase 2 seismic data also supports the directors' belief that the Basur structure extends more westwards than first mapped and can now be better appraised from a newly identified site, 1 km west of the Basur-1 oil discovery. The new site will enable the core of the Basur discovery to be reached and appraised with reduced horizontal deviation than from the Basur-3 site, and without the need to drill through the major NW-SE thrust fault zone immediately to the south. The new location thus removes the potential lost circulation, stuck pipe and significant cost overrun risks associated with drilling through the heavily fractured limestones within the thrust-fault zone. The new site will, however, require a new pad and longer access track to be constructed. Board Change • Nov 16
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. No independent directors (4 non-independent directors). Non-Executive Chairman Nick Mardon-Taylor was the last director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Jul 01
First half 2022 earnings released First half 2022 results: Net income: (up UK£1.02m from 1H 2021). Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has fallen by 51% per year, which means it is significantly lagging earnings. Board Change • Apr 27
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. No independent directors (4 non-independent directors). Non-Executive Chairman Nick Mardon-Taylor was the last director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Apr 18
Full year 2020 earnings released: UK£0.002 loss per share (vs UK£0.001 loss in FY 2019) Full year 2020 results: Net loss: UK£20.9m (loss widened 288% from FY 2019). Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 43% per year, which means it is significantly lagging earnings. 
