Irish-led United Oil & Gas sees revenues and profit increase

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Irish-led United Oil & Gas has seen revenue and profit increase in the first half of this year on the back of strong production and exploration success.

evenue was $10.2m for the six months to June 30, up from $2.4m in the same period last year. The 2020 period is from the completion of Rockhopper Egypt acquisition to period end, February 28 to June 30.

Profit after tax for the first half of this year was $2m up from $1.8m in the corresponding period last year, according to interim results.

The Brian Larkin-led company had a realised oil price of $63.10 a barrel, compared to $28.26 in the first half of 2020.

Cash collections in the six-month period were $8.2m, while operating costs were $4.61 barrel of oil equivalent.

The company had cash of $2m at the end of June.

Brian Larkin, CEO of United Oil & Gas, said: “During the first half of 2021 three successful wells were drilled on Abu Sennan and the Company reached record working interest production of 2,730 boepd, delivering strong operational cashflow.”

“The success that we enjoyed earlier in the year has led to two additional wells being added to the 2021 programme; the recent positive ASX-1X well and the new Al Jahraa 13 development well due to be drilled later this year.”

Looking forward, Mr Larkin said the company “is well placed to capitalise on new opportunities emerging across the industry both organic and external.”

Mr Larkin established United Oil and Gas in 2015, following years working for Irish explorers Providence Resources and Tullow Oil.