Business
2023 Full Year Results and Notice of AGM
2023 Full Year Results and Notice of AGM.
About this update from United Oil & Gas Plc
[{"type":"text","content":"\n\nUnited Oil & Gas PLC / Index: AIM / Epic: UOG / Sector: Oil & Gas\n \n25 June 2024\nUnited Oil and Gas plc\n(\"United\" or \"the Company\")\n \n Final audited results for the year ended 31 December 2023 and Notice of AGM\n \nUnited Oil & Gas Plc (AIM: \"UOG\"), the oil and gas company with a high impact exploration asset in Jamaica and a development asset in the UK is pleased to announce its audited results for the year ended 31 December 2023. \n \n \nBrian Larkin, CEO, commented:\n \n\"2023 was a transitional year for United, starting with the conditional sale of Quattro in January 2023 which ultimately was terminated in November 2023 due to the inability of Quattro to raise the funds to finalise the deal and the licence expiring at the end of November 2023.\n \nEgypt delivered steady production throughout the year with several wells successfully drilled and brought into production. We maintained the record of zero LTI's, TRIR's and only a minor environmental incident.\n \nDue to the declining economic situation in Egypt and the outbreak war in Gaza and the ongoing issues in repatriating USD dollars, the company made the strategic decision to divest from Egypt in late 2023. The company was in advanced discussions with the operator regarding the potential sale of our 22% interest in the Abu Sennan concession. However, the discussions were aborted with the operator following legal advice, notwithstanding attempts to agree a mutual acceptable sale and purchase agreement. In January 2024, we received a default notice for unpaid cashcall of $3.8m from the operator which we did not remedy. This has started a process which will lead to the Company withdrawing from the Abu Sennan Concession.\n \nAs we move into 2024, the company was granted a two-year extension to the Jamaican licence which extends it out to 31 January 2026. We appointed a Jamaican country manager in February 2024 to support the current work programme, further strengthening our team focused on Jamaica, Iman Hill was appointed as a consultant in April 2024 to support the progress of the Jamaican project and particularly the farmout of the licence.\n \nThe successful £1 million equity placi...