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United Oil & Gas PLC - oil and gas company operating in Egypt, Italy and UK - Produces less oil in the half-year to June 30 than a year ago as the realised oil price skyrockets.
Oil production drops to an average of 1,552 barrels of oil equivalent per day, plummeting 47% from 2,937 a year ago. Despite the production fall, expects revenue to be around USD10 million, similar to its USD10.2 million interim revenue a year ago, as oil price surges.
United's realised price per barrel of oil from Egypt surges 67% to USD105.5 from USD63.1 a year ago. The posted half-year production of 1,552 barrels of oil equivalent per day is "in line with full-year guidance of 1,500 to 1,650 boepd with oil constituting circa 85% of average production," firm explains.
"2022 capital expenditure guidance remains unchanged at USD7.2 million," company adds.
Current stock price: 2.07 pence, down 1.5% on Wednesday
12-month change: down 45%
By Tom Budszus; tombudszus@alliancenews.com
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