Last checked at 13 Jan 2021 07:00
United Oil & Gas PLC / Index: AIM / Epic: UOG / Sector: Oil & Gas
13 January 2021
United Oil and Gas plc
("United" or "the Company")
Quarterly Production Report
United Oil & Gas PLC (AIM: "UOG"), the full-cycle multinational oil and gas company, offers a quarterly production update for the period to the end of 2020.
· United's H2 2020 net working interest production averaged 2,340 boepd in line with guidance for the period of 2,300 boepd
· Q4 2020 net working interest production averaged 2,243 boepd (1,960 bopd oil and 283 boepd gas)
· With the ASH gas pipeline coming onstream on the 27th December, United exited 2020 with net working interest production of 2,389 boepd
All of United's production for the period was from the Kuwait Energy Egypt ("KEE") operated Abu Sennan Licence, Egypt, in which United holds a 22% working interest.
This data will vary quarter on quarter as development, appraisal and exploration operations continue.
United Chief Operating Officer, Jonathan Leather commented:
"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.
"United are looking forward to further potential production additions from Abu Sennan in 2021, with a number of activities planned. Drilling at ASH-3, the first of a multi-well programme, is currently underway, with results from this well due in Q1."
**ENDS**
Jonathan Leather, an Executive Director of the Company, who has over 20 years of relevant experience in the oil and gas industry, has reviewed and approved the information contained in this announcement. Dr Jonathan Leather is a qualified person as defined in the guidance note for Mining Oil & Gas Companies of the London Stock Exchange and is a member of the Petroleum Exploration Society of Great Britain and the Society of Petroleum Engineers.
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR").
Glossary:
boepd - barrels of oil equivalent per day
bopd - barrels of oil per day
United Oil & Gas Plc (Company) |
|
Brian Larkin, CEO | brian.larkin@uogplc.com |
Beaumont Cornish Limited (Nominated Adviser) |
|
Roland Cornish and Felicity Geidt | +44 (0) 20 7628 3396 |
Optiva Securities Limited (Joint Broker) |
|
Christian Dennis | +44 (0) 20 3137 1902 |
Cenkos Securities Plc (Joint Broker) |
|
Joe Nally (Corporate Broking) Derrick Lee and Pete Lynch | +44 (0) 20 7397 8900 +44 (0) 131 220 6939 |
Murray (PR Advisor) | +353 (0) 87 6909735 |
Joe Heron | jheron@murrayconsultants.ie |
Camarco (Financial PR/IR) |
|
Billy Clegg Georgia EdmondsJames Crothers | +44 (0) 20 3757 4983 uog@camarco.co.uk |
Notes to Editors
United Oil & Gas is a high growth oil and gas company with a portfolio of low-risk, cash generative production and development assets across Egypt, UK, Italy and a high impact exploration licence in Jamaica.
Led by an experienced management team with a strong track record of growing full cycle businesses and partnered with established industry players, the Company is well positioned to deliver future growth through portfolio optimisation and targeted acquisitions.
United Oil & Gas is listed on the AIM market of the London Stock Exchange. For further information on United Oil and Gas please visit https://www.uogplc.com/