Business
Interim Financial Statement 2020
Interim Financial Statement 2020.
About this update from United Oil & Gas Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 3664A\n United Oil & Gas PLC\n 29 September 2020\n \n \n \n \n 29 September 2020\n \n \n \n \n \n United Oil and Gas Plc \n \n \n (\"UOG\", \"United\" or the \"Company\")\n \n \n Interim Results for the Half Year to 30th June 2020\n \n \n \n \n \n United Oil & Gas PLC (AIM: \"UOG\"), the growing oil and gas company with a portfolio of production, development, exploration and appraisal assets is pleased to announce \n its unaudited financial and operating results for the half year ended 30th June 2020. A shareholder call will take place at 12.00 GMT today.\n \n \n \n Brian Larkin, Chief Executive Officer commented:\n \n \n \"2020 has been successful for United, with integration of the Egypt assets which are delivering low cost, sustained production, material reserves growth and positive operating cash flow. Post period end we were also awarded operatorship and 100% ownership of the high impact Walton Morant exploration licence in Jamaica, we have strengthened the Board and we recently welcomed new institutional shareholders onto our register, all of which marks our arrival as a full cycle oil and gas company. \n \n \n \"Looking ahead our focus remains on managing United in a responsible way as we allocate capital prudently and efficiently to grow the business. We are well placed to manage the challenges the industry is experiencing and to take advantage of an improvement in market conditions.\"\n \n \n \n \n \n Year to date highlights\n \n \n Strategic - strengthening of the Board and shareholder base\n \n \n \n \n \n • Rockhopper Egypt acquisition completed following Egyptian Government Approval including successful equity placing and re-admission of the enlarged Group to AIM\n \n \n • Significant strengthening of the Board with the appointment of Ms Iman Hill as non-executive director post period end\n \n \n • Establishment of Environmental, Social and Governance (ESG) Board Committee in September 2020 to drive forward our commitment to operating sustainably \n \n \n • Successful placing of Rockhopper Exploration plc's 18.3% shareholding in United with new institutional investors post period end\n \n \n Operational*- sustained, low cost production performance and reserves growth\n \n \n \n \n \n • Group working interest 1H-2020 production averaged 1...