United Oil & Gas expects production growth as Egyptian success continues

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  • United Oil & Gas divests North Sea assets as it focuses on low-cost growth in Egypt
  • Stockbroker sees ‘material future potential’ for United Oil & Gas
  • United Oil and Gas to focus on growth in Egypt and Mediterranean area after selling North Sea assets
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Quick facts: United Oil & Gas PLC

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United Oil & Gas Plc (UOG) describes itself as a rapidly-growing full-cycle AIM-listed oil and gas company with the energy and capability to build on its track record of delivery.

The company is focused on low-risk production and development projects in Egypt, Italy, and the UK, and high-impact exploration in Jamaica.

In early 2020, the company acquired a 22% non-operating interest in the Abu Sennan asset. Located in the prolific hydrocarbon-producing Western Desert region of onshore Egypt, it comprises 7 development concessions.

28 Jul 2021

(, ) agreed to sell its UK North Sea assets to Quattro Energy Limited for GBP3.2mln, with GBP2mln paid in cash up front.

The sale follows a strategic review with the proceeds providing flexibility to allow further growth in its low-cost production business in Egypt and the Greater Mediterranean area.

United noted that Quattro is a new company run by an experienced UK focussed management team, and the licences acquired from United will be its first step in building a portfolio of appraisal, development, and producing assets.

“With this transaction we continue to demonstrate our ability to actively manage our portfolio of assets to unlock significant return in value for our shareholders in a short period of time,” said chief executive Brian Larkin.

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26 Jul 2021

(, ) chief executive Brian Larkin highlighted exceptional operational and financial success in the first half of 2021.

In a trading update, ahead of results due in September, the company said that production averaged 2,937 barrels oil equivalent per day (boepd), beating guidance for 2,300 to 2,700 boepd, and marking a 17% improvement against the preceding half-year period.

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19 Jul 2021

() announced the success of its latest development well, Al Jahraa-8 (AJ-8), at the Abu Sennan concession in Egypt.

The well encountered more than 40 metres of net oil pay across three reservoir units, of which around 30 metres were seen together for the Upper and Lower Bahariya reservoirs – this measure is significantly above the pre-drill expectations for the well.

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19 Jul 2021

() will continue to see ‘material future potential’ in Egypt, so says stockbroker Cenkos which today repeated a ‘buy’ recommendation for the AIM-quoted share.

It comes as United this morning revealed its latest positive and better than expected well result with the Al Jahraa-8 (AJ-8) well encountered more than 40 metres of net oil pay across three reservoir units. It sets up the next new production well at the Abu Sennan project.

United also said it is adding an extra exploration well at Abu Sennan with the ASX-1X planned as a step-out and follow up to the prior success at the ASD-1X well some 11 kilometres away.

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29 Jul 2021

(, ) (AIM:UOG, ) chief executive Brian Larkin joins Proactive London’s Katie Pilbeam about the divesting their North Sea assets as it focuses on low-cost growth in Egypt.

The deal is to sell the assets to Quattro Energy Limited for GBP3.2mln, with GBP2mln paid in cash up front.

As Larkin explains in detail, the sale follows a strategic review with the proceeds providing flexibility to allow further growth in its low-cost production business in Egypt and the Greater Mediterranean area.

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United Oil and Gas to focus on growth in Egypt and Mediterranean area after…

United Oil & Gas PLC (AIM:UOG, FRA:1UO) (AIM:UOG, FRA:1UO) chief executive Brian Larkin joins Proactive London’s Katie Pilbeam about the divesting their North Sea assets as it focuses on low-cost growth in Egypt.

The deal is to sell the assets to Quattro Energy Limited for GBP3.2mln,…

19 hours, 7 minutes ago

4 min read

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