{"id":12694,"date":"2022-09-27T19:23:39","date_gmt":"2022-09-27T19:23:39","guid":{"rendered":"https:\/\/www.oilnewskenya.com\/?p=12694"},"modified":"2022-09-27T19:23:39","modified_gmt":"2022-09-27T19:23:39","slug":"egypt-united-oil-gas-half-year-2022-results","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/egypt-united-oil-gas-half-year-2022-results\/","title":{"rendered":"EGYPT: United Oil & Gas Half-year 2022 results"},"content":{"rendered":"

United Oil & Gas PLC\u00a0(AIM: “UOG”), the growing oil and gas company with a portfolio of production, development, exploration and appraisal assets is pleased to announce<\/span>\u00a0its unaudited financial and operating results for the half year ended 30 June 2022. \u00a0A\u00a0shareholder call will take place this morning, details are below<\/span>.<\/span>\u00a0<\/span><\/p>\n

Brian Larkin, CEO commented:<\/span>\u00a0<\/span><\/p>\n

“The Company’s balance sheet is the strongest it has ever been and in the first half of the year we<\/span>\u00a0have continued an active work programme across our portfolio of assets.<\/span>\u00a0<\/span><\/p>\n

“We look forward to drilling both the ASH-4 development well and ASF-1X exploration well on the Abu Sennan licence by the end of the year.<\/span>\u00a0Successful outcomes on these wells have the potential to significantly increase production levels, add reserves, and boost the longer-term value of the Abu Sennan licence.<\/span>\u00a0<\/span><\/p>\n

“United’s portfolio consists of complementary assets that have the potential to provide\u00a0 short, medium and long term upside to all our stakeholders and provides a platform for growth. Abu Sennan in Egypt continues to deliver production and strong \u00a0cashflows<\/span>.”<\/span>\u00a0<\/span><\/p>\n

1H 2022 Operational summary<\/span><\/p>\n

\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0<\/span>\u00a01H 2022 Group\u00a0working interest production averaged\u00a01,552 boepd<\/span><\/p>\n

\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0<\/span>\u00a0In\u00a0Egypt<\/span><\/p>\n

–\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/span>\u00a0Active drilling programme continues with three out of five wells in the 2022 programme now drilled<\/span><\/p>\n

–\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/span>\u00a0Successful ASD-2 development well brought onstream in March, just six days after well completion.<\/span><\/p>\n

–\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/span>\u00a0ASV-1X exploration well did not yield commercial volumes, but encountered evidence for the migration of hydrocarbons de-risking this element of the petroleum system in this area of the licence<\/span><\/p>\n

–\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/span>\u00a0AJ-14 development well encountered seven metres of net pay. The operations programme continues with well stimulation expected to\u00a0deliver\u00a0production rates in line with pre-drill estimates of c. 300 bopd gross (post period)<\/span><\/p>\n

–\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/span>\u00a0The ASH-4 development well has commenced drilling, targeting over 2 mmbbls gross in the prolific\u00a0Alam El Bueib reservoir (post period)<\/span><\/p>\n

–\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/span>\u00a0Significant increase in the interpreted in-place volumes on the ASH field following improvement to the subsurface imaging from seismic reprocessing<\/span><\/p>\n

–\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/span>\u00a0Zero – Lost Time Incident Frequency rate and Fatal Accident Frequency rate. No environmental spills, Restricted Work Incidents or Medical Treatment Incidents<\/span><\/p>\n

1H 2022 Financial summary\u00a0<\/span><\/p>\n

\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0<\/span>\u00a0Group revenue for the first half of 2022 was\u00a0$9.8m(1)<\/sup>\u00a0(1H 2021:$10.2m)<\/span><\/p>\n

\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0<\/span>\u00a0Realised oil price of\u00a0$105.5\/bbl (1H 2021:$63.1\/bbl)<\/span><\/p>\n

\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0<\/span>\u00a0Gross Profit (excluding\u00a0Egypt\u00a0tax gross up)\u00a0$5.6m\u00a0(1H 2021:\u00a0$5.7m)<\/span><\/p>\n

\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0<\/span>\u00a0Cash Operating Expenses of\u00a0$8.40\/boe (1H 2021:\u00a0$4.61\/boe)<\/span><\/p>\n

\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0<\/span>\u00a0Profit After Tax of\u00a0$2.4m\u00a0(1H 2021:\u00a0$2.0m)<\/span><\/p>\n

\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0<\/span>\u00a0Cash collections in the six-month period of \u00a0$8.7m\u00a0(1H 2021:\u00a0$8.2m)<\/span><\/p>\n

\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0<\/span>\u00a0Repayments on\u00a0BP Pre-payment\u00a0facility of\u00a0$1.6m\u00a0(H1 2021:\u00a0$2.4m)<\/span><\/p>\n

\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0<\/span>\u00a0Group cash balances at period end were\u00a0$3.8m\u00a0(1H 2021:\u00a0$2.0m)<\/span><\/p>\n

\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0<\/span>\u00a0Group Cash balance as at\u00a023\/9\/2022\u00a0of\u00a0$4.7m<\/span><\/p>\n

Outlook<\/span><\/p>\n

\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0<\/span>\u00a0The full year 2022 average group working interest production guidance range has narrowed to 1,450 – 1,500 boepd (vs 1,500-1,650 boepd previously guided). This is primarily due to rescheduling of the 2022 drilling programme in order to incorporate the results of seismic reprocessing prior to drilling the high impact ASH-4 development well which has now commenced drilling<\/span><\/p>\n

\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0<\/span>\u00a0In\u00a0Egypt, drilling results from ASD-2 and the seismic reprocessing over the ASH field are expected to have a positive impact on year-end reserves<\/span><\/p>\n

\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0<\/span>\u00a0The drilling programme in Abu Sennan is continuing, and we look forward to completing the ASH-4 development well, targeting 2.2 mmbbls gross recoverable resources from the prolific AEB reservoir and the ASF-1X exploration well with a pre-drill target of c. 8 mmbbls gross recoverable resources<\/span><\/p>\n

\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0<\/span> United continues to evaluate M&A opportunities with a strengthened balance sheet to support the growth strategy<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

United Oil & Gas PLC\u00a0(AIM: “UOG”), the growing oil and gas company with a portfolio of production, development, exploration and appraisal assets is pleased to announce\u00a0its unaudited financial and operating … Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":12040,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[7442,7446,11],"tags":[7450,10580,10410,10724,10579,709,8717],"class_list":["post-12694","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-countries","category-north-africa","category-top-news","tag-abu-sennan","tag-aj-14","tag-asd-2","tag-ash-4","tag-asv-1x","tag-egypt","tag-united-oil-gas","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/03\/Egypt-Abu-Sennan-2.png?fit=591%2C472&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-3iK","jetpack-related-posts":[{"id":13072,"url":"https:\/\/www.oilnewskenya.com\/index.php\/egypt-kuwait-energys-asw-1x-in-the-abu-sennan-license-disappoints\/","url_meta":{"origin":12694,"position":0},"title":"EGYPT: Kuwait Energy’s ASW-1X in the Abu Sennan License Disappoints","author":"","date":"January 4, 2023","format":false,"excerpt":"Abu Sennan license JV partner United Oil & Gas Plc announces the completion of drilling operations on the ASW-1X exploration well in the Abu Sennan license, onshore Egypt.\u00a0United holds a 22% non-operating interest in the Abu Sennan license, which is operated by Kuwait Energy Egypt.\u00a0 The ASW-1X well was drilled\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/12\/Egypt-Abu-sennan-3-e1670314306748.png?fit=379%2C320&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":12415,"url":"https:\/\/www.oilnewskenya.com\/index.php\/egypt-kuwait-energy-unsuccessful-at-the-asv-1x-exploration-well-abu-sennan-licence\/","url_meta":{"origin":12694,"position":1},"title":"EGYPT: Kuwait Energy Unsuccessful at the ASV-1X exploration well, Abu Sennan licence","author":"","date":"July 6, 2022","format":false,"excerpt":"United Oil & Gas has reported that the \u00a0ASV-1X exploration well which was drilled in the Abu Sennan licence, onshore Egypt recovered no hydrocarbons although testing programme is still underway with over a week after a sucker rod pump was installed The \u00a0ASV-1X exploration well was drilled safely and under-budget\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/03\/Egypt-Abu-Sennan-2.png?fit=591%2C472&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/03\/Egypt-Abu-Sennan-2.png?fit=591%2C472&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/03\/Egypt-Abu-Sennan-2.png?fit=591%2C472&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":13201,"url":"https:\/\/www.oilnewskenya.com\/index.php\/united-oil-and-gas-provides-trading-operations-update-guidance-for-2023\/","url_meta":{"origin":12694,"position":2},"title":"United Oil and Gas Provides Trading & Operations Update & Guidance for 2023","author":"","date":"January 26, 2023","format":false,"excerpt":"Egypt, Abu Sennan licence (22% working interest) Full year 2022 production averaged 1,312 boepd net (1,137 bopd oil and 175 boepd gas), in line with revised production guidance of 1,300-1,325 boepd. 2022 Egypt work programme The 2022 work programme consisted of three development wells, two exploration wells and eight workovers.\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/12\/Egypt-Abu-sennan-3-e1670314306748.png?fit=379%2C320&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":10213,"url":"https:\/\/www.oilnewskenya.com\/index.php\/egypt-united-oil-and-gas-reports-material-upgrade-to-abu-sennan-reserves\/","url_meta":{"origin":12694,"position":3},"title":"EGYPT: United Oil and Gas Reports Material Upgrade to Abu Sennan Reserves","author":"","date":"April 14, 2021","format":false,"excerpt":"Highlights: \u00b7\u00a0\u00a0\u00a0\u00a0Independent reserves and resources report, relevant to end 2020, by Gaffney Cline & Associates\u00a0 indicates material increase in reserves at Abu Sennan: o\u00a0\u00a024% increase in Abu Sennan Gross 2P Reserves to 16.8 MMboe (15% gas) from 13.5 MMboe at the beginning of 2020, representing a near 200% reserves replacement\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/09\/EGYPT-Abu-Madi-West-Development-Lease.jpg?fit=512%2C361&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":10839,"url":"https:\/\/www.oilnewskenya.com\/index.php\/egypt-united-oil-and-gas-provides-operations-update\/","url_meta":{"origin":12694,"position":4},"title":"EGYPT: United Oil and Gas Provides Operations Update","author":"","date":"September 7, 2021","format":false,"excerpt":"Production Update H1 2021 production from the seven producing fields which make up the Abu Sennan licence \u00a0net to the Company's working interest averaged 2,730 boepd \u00a0in line with full-year guidance of 2,500 to 2,700\u00a0 boepd. \u00a0 The ASH field, which currently has three wells in production has performed exceptionally,\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/06\/Egypt-Abu-Sennan.jpg?fit=750%2C406&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/06\/Egypt-Abu-Sennan.jpg?fit=750%2C406&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/06\/Egypt-Abu-Sennan.jpg?fit=750%2C406&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/06\/Egypt-Abu-Sennan.jpg?fit=750%2C406&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":14105,"url":"https:\/\/www.oilnewskenya.com\/index.php\/egypt-united-oil-and-gas-provides-asd-s-1x-exploration-well-update\/","url_meta":{"origin":12694,"position":5},"title":"EGYPT: United Oil and Gas Provides ASD S-1X exploration well Update","author":"","date":"December 18, 2023","format":false,"excerpt":"United Oil & Gas has announced an update on the ASD S-1X exploration well on the ASD south prospect in the Abu Sennan licence, onshore\u00a0Egypt. United holds a 22% working interest in the licence, which is operated by Kuwait Energy Egypt.\u00a0 Summary\u00a0 The ASD S-1X well commenced drilling on 11\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/12\/Egypt-Abu-Sennan.png?fit=874%2C581&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/12\/Egypt-Abu-Sennan.png?fit=874%2C581&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/12\/Egypt-Abu-Sennan.png?fit=874%2C581&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/12\/Egypt-Abu-Sennan.png?fit=874%2C581&ssl=1&resize=700%2C400 2x"},"classes":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/12694","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/comments?post=12694"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/12694\/revisions"}],"predecessor-version":[{"id":12695,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/12694\/revisions\/12695"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media\/12040"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=12694"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=12694"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=12694"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}