UK Oil & Gas H1 Loss Widens

UK Oil & Gas Investments PLC posted a wider net loss for the six months ended March 31. The company reported a net loss of GBP383,000 ($607,338), versus a year-ago loss of GBP290,000. UKOG Chairman David Lenigas said, "Our strong balance sheet puts the Company in an excellent position to benefit from the current oil price downturn and from the financial difficulties of some of our competitors."