‘Utterly dismayed’: Shareholders face £18 million wipeout as Hague and London Oil collapses

‘Utterly dismayed’: Shareholders face £18 million wipeout as Hague and London Oil collapses

Shareholders look set to lose their entire investment in Hague and London Oil (HALO) as the southern North Sea-focused explorer and producer is wound up.

The company announced the appointment of administrators on Christmas Eve, following a series of asset disposals and longstanding questions from shareholders over the company’s readmission to the stock market.

According to a report prepared by company administrators, HALO owes £1.3m to creditors and has £17.9m in issued and called up capital. Total assets were listed at £601,679.