United Oil and Gas announces H1 2021 trading statement and operational update

AIM-listed United Oil & Gas has issued a trading and operational update in respect of the half year to the end of June 2021. This is in advance of the Group’s Interim Results which are expected to be released in early September 2021. The information contained herein has not been audited and may be subject to further review and amendment.  

United Chief Executive Officer, Brian Larkin commented:

‘Through execution of our planned work programme, the first half of 2021 has produced exceptional operational and financial success. In addition, we have created significant new opportunities as well as reinforced the balance sheet strength of the Company.

‘In particular, our Egyptian assets continue to perform beyond expectations, with production averaging 2,730 boepd; consistent with full year guidance range of between 2,500 to 2,700 boepd. Further, through our H1 drilling programme, we have not only been able to increase production, but also identify new growth opportunities within the licence. Based on this success, we are delighted to be drilling a further exploration well on the licence shortly and are actively working with Joint Venture Partners to agree the optimum long-term strategy for the development of the licence’s potential.

‘The outlook for the business remains encouraging and we remain well positioned for further success’.

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Source: EnergyPedia

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