Business
Half-year 2022 Trading and Operations Update
Half-year 2022 Trading and Operations Update.
About this update from United Oil & Gas Plc
[{"type":"text","content":"\n \n \n United Oil & Gas PLC / Index: AIM / Epic: UOG / Sector: Oil & Gas\n \n \n 27 July 2022\n \n \n \n United Oil & Gas Plc\n \n \n \n (\"United\" \"the Group\" or the \"Company\")\n \n \n \n \n \n Half-year 2022 Trading and Operations Update\n \n \n \n \n \n United Oil & Gas Plc (AIM: \"UOG\"), issues the following trading and operational update in respect of the half-year to 30 June 2022. This is in advance of the Group's half-year results which are expected to be released in September 2022. The information contained herein has not been audited and may be subject to further review and amendment. A shareholder call will take place this morning, details are below.\n \n \n \n \n \n \n Brian Larkin, CEO commented:\n \n \n \n \n \"United has delivered a solid financial and operational performance in the first half of 2022 supported by the\n \n \n high realised oil price and good cash collections including the receipt of portfolio management\n \n \n proceeds following strategic divestments. Production in Egypt has been in-line with expectations, and the fully funded work programme continues\n \n \n with the AJ-14 development well currently drilling. We look forward to building on the progress made in the first-half through the completion of the 2022 drilling programme in Egypt, which includes the ASH-4 development well and an exciting exploration well targeting c.8 mmbbls gross mean recoverable resources. In the UK, we look forward to the completion of the independent contingent resources report on the Maria discovery and in Jamaica the\n \n \n farmout campaign continues supported by the higher oil price environment and improved industry sentiment towards quality exploration opportunities.\"\n \n \n \n 1H 2022 Operational summary\n \n \n ·\n 1H 2022 Group working interest production averaged 1,552 boepd in line with full-year guidance of 1,500-1,650 boepd with oil constituting circa 85% of average production\n \n \n ·\n Active Egypt work programme including a five-well 2022 drilling campaign which commenced in January 2022:\n \n \n - \n ASD-2 development well encountered over 25 metres of net pay and started production end-March\n \n \n - \n ASV-1X exploration well; although no hydrocarbons flowed on test, evidence for the mi...