{"id":9791,"date":"2021-02-01T13:01:43","date_gmt":"2021-02-01T13:01:43","guid":{"rendered":"https:\/\/oilnewskenya.com\/?p=9791"},"modified":"2021-02-01T13:01:43","modified_gmt":"2021-02-01T13:01:43","slug":"united-oil-and-gas-provides-2020-trading-update-and-guidance-for-fy-2021","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/united-oil-and-gas-provides-2020-trading-update-and-guidance-for-fy-2021\/","title":{"rendered":"United Oil and Gas Provides 2020 Trading Update and Guidance for FY 2021"},"content":{"rendered":"<p class=\"cd\"><span class=\"ce\">United Oil &amp; Gas issues the following trading update for the full year 2020 and guidance for 2021. This is in advance of the Group&#8217;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. \u00a0<\/span><span class=\"ce\">\u00a0<\/span><\/p>\n<p class=\"cd\"><span class=\"cf\">United Chief Executive Officer,\u00a0Brian Larkin\u00a0commented:<\/span><span class=\"ce\">\u00a0<\/span><\/p>\n<p class=\"cd\"><span class=\"cg\">&#8220;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.\u00a0$9.0\u00a0to\u00a0$9.2m\u00a0(net of government take) for the ten months since completion of the acquisition.<\/span><span class=\"cg\">\u00a0<\/span><\/p>\n<p class=\"cd\"><span class=\"cg\">&#8220;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 programme in\u00a0Egypt\u00a0has 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\u00a0Walton Morant\u00a0exploration licence in\u00a0Jamaica, and our Italian asset remains on track for first gas in 2021.&#8221;<\/span><\/p>\n<p class=\"cd\"><strong><span class=\"ch\">2021 Guidance<\/span><span class=\"ce\">\u00a0<\/span><\/strong><\/p>\n<p class=\"ci\"><span class=\"j\"><span class=\"bo\">\u00b7\u00a0\u00a0\u00a0\u00a0<\/span><span class=\"bx\">Group working interest production in\u00a0Egypt\u00a0is forecast to average between 2,300 and 2,500 boepd for H1 2021. Further updates will be provided as the 2021 drilling programme progresses<\/span><\/span><span class=\"ce\">\u00a0<\/span><\/p>\n<p class=\"ci\"><span class=\"j\"><span class=\"bo\">\u00b7\u00a0\u00a0\u00a0\u00a0<\/span><span class=\"bx\">A reserves uplift is expected following the success of the El Salmiya 5 and ASH 2 wells in 2020 (subject to independent certification with publication expected during H1-21)<\/span><\/span><span class=\"ce\">\u00a0<\/span><\/p>\n<p class=\"ci\"><span class=\"j\"><span class=\"bo\">\u00b7\u00a0\u00a0\u00a0\u00a0<\/span><span class=\"bx\">Group Capital Expenditure is forecast to be\u00a0$5.3m, fully funded from existing operations<\/span><\/span><span class=\"ce\">\u00a0<\/span><\/p>\n<p class=\"cm\"><span class=\"j\"><span class=\"bk\">o\u00a0\u00a0<\/span><span class=\"bx\">c.\u00a0$4.7m\u00a0to be invested in\u00a0Egypt\u00a0with two firm wells, five workovers, and facilities upgrades<\/span><\/span><\/p>\n<p class=\"ci\"><span class=\"j\"><span class=\"bo\">\u00b7\u00a0\u00a0\u00a0\u00a0<\/span><span class=\"bx\">Flexibility exists within the Abu Sennan joint venture and the EDC-50 rig contract to add up to two further wells in the Abu Sennan drilling campaign subject to well results and the commodity price environment<\/span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>United Oil &amp; Gas issues the following trading update for the full year 2020 and guidance for 2021. This is in advance of the Group&#8217;s Full Year Results which are &hellip; <a href=\"https:\/\/www.oilnewskenya.com\/index.php\/united-oil-and-gas-provides-2020-trading-update-and-guidance-for-fy-2021\/\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":8247,"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":[7446,11],"tags":[7450,8957,8716,709,8956,8717],"class_list":["post-9791","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-north-africa","category-top-news","tag-abu-sennan","tag-ash-2-wells","tag-edc-50-rig","tag-egypt","tag-el-salmiya-5","tag-united-oil-gas","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/06\/Egypt-Abu-Sennan.jpg?fit=750%2C406&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-2xV","jetpack-related-posts":[{"id":9681,"url":"https:\/\/www.oilnewskenya.com\/index.php\/egypt-united-oil-and-gas-provides-quarterly-production-report\/","url_meta":{"origin":9791,"position":0},"title":"EGYPT: United Oil and Gas Provides Quarterly Production Report","author":"","date":"January 13, 2021","format":false,"excerpt":"United Oil & Gas offers a quarterly production update for the period to the end of 2020. \u00b7\u00a0\u00a0\u00a0\u00a0United's H2 2020 net working interest production averaged 2,340 boepd in line with guidance for the period of 2,300 boepd \u00b7\u00a0\u00a0\u00a0\u00a0Q4 2020 net working interest production averaged 2,243 boepd (1,960 bopd oil and\u2026","rel":"","context":"In &quot;Countries&quot;","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":10839,"url":"https:\/\/www.oilnewskenya.com\/index.php\/egypt-united-oil-and-gas-provides-operations-update\/","url_meta":{"origin":9791,"position":1},"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 &quot;Countries&quot;","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":10631,"url":"https:\/\/www.oilnewskenya.com\/index.php\/egypt-united-oil-gas-provides-h1-2021-operational-update\/","url_meta":{"origin":9791,"position":2},"title":"EGYPT: United Oil &#038; Gas Provides H1 2021 Operational Update","author":"","date":"July 26, 2021","format":false,"excerpt":"Operational Highlights: \u00b7\u00a0\u00a0\u00a0\u00a0Q2\/21 Group\u00a0working interest production averaged\u00a02,937 boepd, yielding a H1\/21 average of 2,730 boepd, \u00a0ahead of H1 guidance of 2,300 to 2,500 boepd and in line with full-year guidance of between 2,500 and 2,700 boepd o\u00a0\u00a0This represents an uplift of 17% compared to H2 2020, when production averaged 2,340\u2026","rel":"","context":"In &quot;Countries&quot;","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":13201,"url":"https:\/\/www.oilnewskenya.com\/index.php\/united-oil-and-gas-provides-trading-operations-update-guidance-for-2023\/","url_meta":{"origin":9791,"position":3},"title":"United Oil and Gas Provides Trading &#038; Operations Update &#038; 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 &quot;Countries&quot;","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":12508,"url":"https:\/\/www.oilnewskenya.com\/index.php\/united-oil-gas-provides-half-year-2022-trading-and-operations-update\/","url_meta":{"origin":9791,"position":4},"title":"United Oil &#038; Gas\u00a0Provides Half-year 2022 Trading and Operations Update","author":"","date":"July 27, 2022","format":false,"excerpt":"Operations Update Egypt, Abu Sennan licence (22% working interest) First half (1H) 2022 Group\u00a0working interest production averaged\u00a01,552 boepd (1,290 bopd oil and 262 boepd gas). Second quarter (Q2) 2022 production averaged 1,537 boepd (1,313 bopd oil and 224 boepd gas). \u00a01H and Q2 production was line with full-year 2022 production\u2026","rel":"","context":"In &quot;Countries&quot;","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":9504,"url":"https:\/\/www.oilnewskenya.com\/index.php\/united-oil-and-gas-sign-rig-contract-for-the-ash-3-well\/","url_meta":{"origin":9791,"position":5},"title":"United Oil and Gas Sign Rig Contract for the ASH-3 well","author":"","date":"December 4, 2020","format":false,"excerpt":"United Oil & Gas PLC offers an update on the Abu Sennan Licence in Egypt (United 22% working interest), including the signing of the rig contract for the ASH-3 well. \u00a0 The EDC-50 rig has a history of successful drilling in the Western Desert. It has been contracted for a\u2026","rel":"","context":"In &quot;Countries&quot;","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":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/9791","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=9791"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/9791\/revisions"}],"predecessor-version":[{"id":9792,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/9791\/revisions\/9792"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media\/8247"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=9791"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=9791"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=9791"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}