United Oil & Gas Plc · LSE:UOG
United Oil & Gas — H1 2021 Earnings Presentation
20 slides from United Oil & Gas's earnings presentation, Sep 28, 2021
Slide 1: Interim Results 1H 2021
Interim Results 1H 2021 28 September 2021 www.uogplc.com AIM: UOG
Slide 2: Disclaimer
Disclaimer This presentation (“Presentation”) is being supplied to you solely for The Presentation may not be reproduced or redistributed, in whole These risks include, but are not limited to, risks associated with the your information. The Presentation has been prepared by, and is the or in part, t
Slide 3: 1H 2021 Summary
1H 2021 Summary STRATEGIC Divestment of non-core interests - UK CNS and Italy signed SPA (post period end) Egypt - Potential to deliver large reserve and production upside | Long term drilling plan starting with 4 wells in 2022 Jamaica - Actively working to achieve the best path forward for this exc
Slide 4: Strategic Ambition - Value Creation and Growth Options
Strategic Ambition - Value Creation and Growth Options United intends to grow its portfolio through a combination of low-risk production , development and exploration assets, augmented by selected higher impact exploration opportunities which have the potential M&A Activity to deliver exceptional re
Slide 5: Portfolio Optimisation - Underpinning Future Growth
Portfolio Optimisation - Underpinning Future Growth Active portfolio management UK CNS A+E ITALY D+A+E Strategic divestments of non-core assets - UK Zeta and Maria - Italy Selva Malvezzi Removes capital expenditure associated with development ▪ $5.2m of upfront consideration expected following compl
Slide 6: Commitment to Operating a Sustainable Business
Commitment to Operating a Sustainable Business Environmental Social Governance ▪ ZERO spills, fires, environmental ▪ ZERO LTI’s 2 , MTI’s 3, RWI’s4 ▪ Strong Governance incidents1 ▪ $100,000 - Annual contribution to ▪ Guided by the 10 principles set out in ▪ Limit the Group’s impact on the Training &
Slide 7: Finance
Finance www.uogplc.com AIM: UOG
Slide 8: 1H 2021 Financial Summary
1H 2021 Financial Summary Production1 Realised Oil Price Realised Gas Price 2,730 boepd $63/bbl $2.6/mmbtu (1H 2020: 1,975)2 (1H 2020: $28/bbl) Group Revenue Gross Profit CashNet fromProfit operations 1H 2021 capex spend Egypt $1.1m $10m $6m $6m ▪ Workovers and facility upgrades (1H 2020: $2m)2 (1H
Slide 9: Disciplined Capital Allocation & Capital Flexibility
Disciplined Capital Allocation & Capital Flexibility Resilient Portfolio with a low-cost production base and attractive short cycle development & exploration opportunities delivering positive operational cashflow Capital Allocation focusing 90% of capital on development opportunities and 10% on sele
Slide 10: Operations
Operations www.uogplc.com AIM: UOG
Slide 11: Maximising Value from Our Asset Base
Maximising Value from Our Asset Base EGYPT P+D+A+E JAMAICA E ABU SENNAN LICENCE P+D+A+E ASD ASA Al Jahraa El Salmiya AJ-SE ASZ ▪ 2,730 boepd1 H1 2021 22% Net ▪ High-Impact Colibri prospect with Working Interest production mean prospective resources 406 ▪ 2P reserves of 3.7 mmboe2 Net WI ASH Field mm
Slide 12: H1 2021 Summary - High Levels of Activity and Record Production
H1 2021 Summary - High Levels of Activity and Record Production Excellent HSE Performance Abu Sennan Summary Working Interest 0 7 22% LTIs, MTIs, RWIs, spills1 Producing Fields United’s net working interest H1 Production H1 Activity Net H1 Profit Workovers 2,730 3/3 >220 Boepd net to United’s Succes
Slide 13: Value-accretive H1 2021 Success; Further Activity Planned
Value-accretive H1 2021 Success; Further Activity Planned Production growth since date of acquisition & 1H 2021 drilling campaign 3000 ASD-1X 2500 BASE ASH1ST2 WO ASD-1X ASH1ST2 WO Al Jahraa-8st1 ASH3 ASH3 UOG WI BOEPD 2000 Aug ‘21 Date onstream 1500 Boepd net (early 1000 >200 September)1 month payb
Slide 14: Stabilisation of ASH Field Production
Stabilisation of ASH Field Production PRODUCTION STABILISATION AND FORWARD PLANS ▪ During August, the proportion of water to oil being produced ▪ Since the end of August, the ASH wells have been left to flow on a constrained from the ASH-2 well increased at a faster than expected rate, choke. leadin
Slide 15: Maximising the Future Potential of Abu Sennan
Maximising the Future Potential of Abu Sennan PRODUCTION UPSIDE FUTURE DRILLING PLANS ASX-1X ASX-1X ASD-2 Development targets identified at ASH, Al Jahraa, El Salmiya, and ASA Fields 4 wells in 2022 indicative drilling programme AJ-13 AJSE-3 7.6 mmboe 3P Net WI Reserves1 Long-term plan to include ba
Slide 16: Targeting Additional Significant Reserves and Production
Targeting Additional Significant Reserves and Production 2022 Indicative 4-well programme ASD-21 AJ-SE-31 ASH-51 ASF-1X1 Dev W. Inj Dev Exp Follow on from ASD-1X success Aiming to boost production Additional AEB target in the ASH Exciting exploration target with in Abu Roash reservoirs from AJ and A
Slide 17: High Impact Exploration Potential, Walton Morant Licence, Jamaica
High Impact Exploration Potential, Walton Morant Licence, Jamaica ▪ United hold 100% equity and operatorship in the Historical HistoricalEvents Events VsVs Global Upstream Farmout Deal Flow 2000 – 2021 22,400km2 Walton Morant Licence Global (Exc.N. Upstream Farmout Deal Flow (Excluding North America
Slide 18: Outlook
Outlook www.uogplc.com AIM: UOG
Slide 19: 1H 2021 Looking forward
Clear Path to Value 1H 2021 Looking forward ▪ Strong performance in 1H 2021 ▪ ASX-1X Exp. well test results ▪ 3/3 wells drilling success ▪ AJ-13 Dev. well spud ▪ UK and Italian divestment ▪ 4 well 2022 drilling programme proceeds to help drive growth ▪ Constructive engagement on Jamaica ▪ Jamaica fa
Slide 20: Glossary
Glossary 2021 Interim Results 19