United Oil & Gas PLC - London-based explorer and producer - Reports revenue of USD9.1 million and pretax profit of USD769,181 in 2020, after zero revenue and USD2.0 million pretax loss in previous year. Produced averaged 2,195 barrels of oil equivalent per day in 2020. Raises 2021 production guidance to between 2,500 and 2,700 barrels of oil equivalent per day, from between 2,300 and 2,500 boepd, following strong start to the year. Successful tests at wells in Egypt and Abu Dhabi "likely to lead to a reserves uplift." 2021 capital expenditure to be funded from existing assets.
Current stock price: 5.46 pence, up 4.9% on Monday
Year-to-date change: up 83%
By Ivan Edwards; ivanedwards@alliancenews.com
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United Oil&gas (UOG)