United Oil & Gas Plc · LSE:UOG
United Oil & Gas — H1 2022 Earnings Presentation
20 slides from United Oil & Gas's earnings presentation, Sep 27, 2022
Slide 1: Half Year Results
UNITED OIL & GAS HALF YEAR RESULTS 27 September 2022 FOCUSED ON GROWTH WWW.UOGPLC.COM
Slide 2: Disclaimer
UNITED OIL & GAS 2 DISCLAIMER This presentation (“Presentation”) is being supplied to you solely for your assumptions. respective directors, officers, partners, employees or advisers or any other information. The Presentation has been prepared by, and is the sole Certain statements, graphs, tables a
Slide 3: Growth Strategy: Robust Balance Sheet, Active Work Programme, Organic Growth
UNITED OIL & GAS Half-year results 2022 | 27 September 2022 3 ROBUST BALANCE ACTIVE WORK ORGANIC SHEET TO SUPPORT PROGRAMME ACROSS GROWTH OPTIONS GROWTH STRATEGY THE PORTFOLIO Egypt | Operations SELF FUNDING Funding exploration & ü Production + cash generative development wells from operating cashfl
Slide 4: Finance
Focused on growth | Half-year results | 27 September 2022 FINANCE PETER DUNNE - CFO
Slide 5: 1H 2022 Financial Summary
UNITED OIL & GAS Half-year results 2022 | 27 September 2022 5 1H 2022 FINANCIAL SUMMARY Realised Oil Price Realised Gas Price Group Revenue Cash Operating Cost Gross Profit ($/bbl) ($/mmbtu) ($m) Net of Government Take ($/boe) ($m) 105.5 9.8 10.2 5.6 5.7 8.40 63.1 2.6 2.6 4.61 1H 2022 1H 2021 2021 2
Slide 6: 1H 2022 Cashflows
UNITED OIL & GAS Half-year results 2022 | 27 September 2022 6 1H 2022 CASHFLOWS $m 10.0 3.9 9.0 8.0 (1.3) 7.0 6.4 6.0 (2.1) 5.0 (1.5) 4.0 3.8 (1.6) (0.3) 3.0 2.0 1.0 0.4 0.0 Net cash inflow from… Proceeds from sale Development Expenditure FX movements+office lease Investment Investment Opening Cash
Slide 7: Egypt Fiscal Terms - Production Sharing Contract
UNITED OIL & GAS Half-year results 2022 | 27 September 2022 7 EGYPT FISCAL TERMS - PRODUCTION SHARING CONTRACT (“PSC”) 100% Oil & Gas Revenues Contractor’s Maximum Take 42.53% Profit Oil – 70% Cost Oil – 30% Profit Oil – 70% X Contractor – 17.9% Interest + Cost Oil – 30% EGPC – 82.1% Contractor – Op
Slide 8: Operations and ESG
Focused on growth | Half-year results | 27 September 2022 OPERATIONS and ESG Jonathan Leather, COO
Slide 9: Environment, Social & Governance: Progress in 2022
UNITED OIL & GAS Half-year results 2022 | 27 September 2022 9 ENVIRONMENT, SOCIAL & GOVERNANCE Progress in 2022 EGYPT JAMAICA Social Lost-Time Injuries(1) JV contribution for 4th Upstream Technical Al Amal Mentoring Training & Education capacity building (2) Convention Programme supporting Fund(3) S
Slide 10: Egypt – Production Guidance
UNITED OIL & GAS Half-year results 2022 | 27 September 2022 10 EGYPT – PRODUCTION GUIDANCE Updated FY Guidance H1 2022 Average production to average production 31/08/22 1,450-1,500 boepd net (previous guidance 1,500-1,650 boepd) (1,2) 1,552 boepd net (1,2) 1,478 boepd net (1,2) • Updated guidance is
Slide 11: Egypt – Active Operations
UNITED OIL & GAS Half-year results 2022 | 27 September 2022 11 EGYPT – ACTIVE OPERATIONS 2022 Drilling schedule Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan ASD-2 Dev ASV-1X Exp AJ-14 Dev ASH-4 Dev ASF-1X Exp Drilling Seismic Phase 1 Seismic reprocessing and interpretation - optimise target f
Slide 12: ASH-4: High-Impact Development Well
UNITED OIL & GAS Half-year results 2022 | 27 September 2022 12 ASH-4: HIGH-IMPACT DEVELOPMENT WELL Seismic Reprocessing: clear uplift in image quality, particularly in northern part of field Reprocessing has led to significant uplift in data quality New interpretation increases STOIIP of ASH Field f
Slide 13: Egypt Near-Term Exploration Growth Catalysts
UNITED OIL & GAS Half-year results 2022 | 27 September 2022 13 EGYPT NEAR-TERM EXPLORATION GROWTH CATALYSTS Improved Data Guides Active Exploration Programme Abu Sennan remaining prospectivity 100% Min. commercial field size 90% = Possible 2023 target 80% 70% Due to be drilled Q4 2022; c.60-day well
Slide 14: UK Licence P2519 (Maria): Discovered Barrels in a High-Activity Area
UNITED OIL & GAS Half-year results 2022 | 27 September 2022 14 UK LICENCE P2519 (MARIA): DISCOVERED BARRELS IN A HIGH-ACTIVITY AREA Maria United Equity 100% • Technical work programme 6 mmboe Discovered Resources Awarded 2020 completed Expiry Dec 2023 • Planned Independent United’s estimate of the m
Slide 15: Walton Morant Licence, Jamaica
UNITED OIL & GAS Half-year results 2022 | 27 September 2022 15 WALTON MORANT LICENCE, JAMAICA World-class exploration opportunity Jamaica well-positioned to take advantage of returning exploration interest in an increasingly positive market environment Supported by a positively engaged Government Ph
Slide 16: Active Work Programme
UNITED OIL & GAS Half-year results 2022 | 27 September 2022 16 ACTIVE WORK PROGRAMME 2022 2023 Egypt Q3 Q4 Q1 Q2 Q3/Q4 AJ-14 Dev ASH-4 Dev ASF-1X Exp Drilling Phase 1 Seismic reprocessing and interpretation - optimise target for Phase 2 Seismic reprocessing ACTIVE DRILLING PROGRAMME PLANNED FOR 2023
Slide 17: Summary & Outlook
Focused on growth | Half- year results | 27 September 2022 SUMMARY & OUTLOOK Brian Larkin, CEO
Slide 18: Summary & Strategy
UNITED OIL & GAS Half-year results 2022 | 27 September 2022 18 SUMMARY & STRATEGY Our Strategy Create value by actively managing our existing assets whilst growing our business through additional high-margin opportunities Platform for Disciplined Resilient Committed Growth with Low- Capital Portfoli
Slide 19: Investment Case
UNITED OIL & GAS Half-year results 2022 | 27 September 2022 19 INVESTMENT CASE A focus on FUTURE GROWTH ROBUST balance sheet EGYPT UK CNS JAMAICA 2 High Impact Independent reserves Detailed technical Wells - Q4 22 report commissioned – evaluations ongoing Q4 22 by interested parties • Production + C
Slide 20: www.uogplc.com
Focused on growth | Half-year results | 27 September 2022 WWW.UOGPLC.COM