IN BRIEF: United Oil & Gas Second Half Production Meets Guidance

United Oil & Gas PLC - oil and gas explorer - Says net working interest production for second ...

Alliance News 13 January, 2021 | 8:25PM
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United Oil & Gas PLC - oil and gas explorer - Says net working interest production for second half of 2020 averaged 2,340 barrels of oil equivalent per day, in line with guidance of 2,300 barrels a day. For the fourth quarter, net working interest production averaged 2,243 barrels oil equivalent per day.

All of United's production for the period was from the Kuwait Energy Egypt-operated Abu Sennan Licence, Egypt, in which United holds a 22% working interest.

"The Abu Sennan asset continues to perform strongly. With the ASH gas pipeline coming onstream at the end of the year, 2021 has already seen a boost to production, with c.220 boepd of additional gas now being captured on a net basis," says United Chief Operating Officer Jonathan Leather.

"United are looking forward to further potential production additions from Abu Sennan in 2021, with a number of activities planned," Leather adds. "Drilling at ASH-3, the first of a multi-well programme, is currently underway, with results from this well due in the first quarter."

Current stock price: 3.05 pence

Year-to-date change: up 2.5%

By Lucy Heming; lucyheming@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
United Oil & Gas PLC 2.98 GBX 0.85 -

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