United Oil & Gas PLC (UOG) recorded $9 million as group revenues in Egypt in 2020, with a total of $0.85 million profit in 2020, according to UOG’s press release.
Throughout 2020, UOG made a completion of Rockhopper Egypt acquisition including a successful equity placing, and the re-admission of the enlarged group to AIM, which helped to get its production average up to 2,195 barrels oil equivalent per day (bbloe/d).
Additionally, UOG’s success at the ASH-2 and ES-5 development wells increased working interest production from 1,709 bbloe/d on March 1 2020 to 2,389 bbloe/d on December 31 2020. At the end of 2020, the company recorded 24 % increase in Abu Sennan Gross 2P Reserves to reach million barrels of oil equivalent (mmboe).
Brian Larkin, Chief Executive Officer commented “2020 was a landmark year for United Oil and Gas, building on strong foundations to position ourselves as a full-cycle oil and gas company with strong production, diverse assets, an exceptional board and clearly defined avenues to deliver further material growth. These were significant achievements despite one of the toughest years for our sector and wider markets caused by the COVID-19 pandemic.”
The company plans to increase its production and pricing, especially in H2 of 2021 as the drilling campaign’s capital expenditure is almost entirely phased out in H1 of 2021. The company also will increase its daily production between 2,500 to 2700 bbloe/d.
Larkin also added “Building on this success is key for all at United Oil and Gas and we look forward to driving further activity and material growth in 2021 and beyond.”