Petroleum Africa
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Monday, February 1, 2021
United Oil & Gas PLC, issued the following trading update for the full year 2020 and guidance for 2021. This is in advance of the Group’s Full Year Results which are expected to be released in the second half of April 2021. The information contained herein has not been audited and may be subject to further review and amendment.
United Chief Executive Officer, Brian Larkin commented: “2020 was a successful year for United, delivering an excellent operational and financial performance, despite a challenging commodity price environment and the global pandemic. We successfully integrated our Egyptian assets, delivering average 2020 working interest production of 2,195 boepd, creating revenue of c. $9.0 to $9.2m (net of government take) for the ten months since completion of the acquisition.
“United begins 2021 in strong position with a balanced portfolio, low-cost growing production, high quality reserves and a healthy balance sheet. The business is well placed to benefit from rising hydrocarbon prices but also well hedged to protect against volatility. Our fully funded, multi-well drilling program in Egypt has begun with the result of the ASH-3 well expected shortly. This low-risk well has the potential to build on the successes of 2020 by delivering increased production and reserves. A formal farm-out process will shortly commence seeking partners to join us in unlocking the potential in our high impact Walton Morant exploration license in Jamaica, and our Italian asset remains on track for first gas in 2021.”
Financial and Operational Update
FY 2020 Performance
* From completion of the Rockhopper Egypt acquisition to period end, 28th February 2020 to 31st December 2020
** 22% working interest net of Government Take
2021 Guidance
o c. $4.7m to be invested in Egypt with two firm wells, five workovers, and facilities upgrades
o c. $0.6m to be invested in our Jamaican, Italian and UK assets
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