United Oil & Gas (UOG)

Sector:

Energy Producers

Index:

FTSE AIM All-Share

0.19p
   
  • Change Today:
      0.005p
  • 52 Week High: 2.10
  • 52 Week Low: 0.18
  • Currency: UK Pounds
  • Shares Issued: 1,156.35m
  • Volume: 2,295,120
  • Market Cap: £2.20m
  • RiskGrade: 324

United Oil reports rise in reserves at Abu Sennan

By Josh White

Date: Wednesday 24 Jun 2020

LONDON (ShareCast) - (Sharecast News) - United Oil & Gas updated the market on reserves at Abu Sennan as well as its production on Wednesday, reporting gross average production of 13,900 barrels of oil equivalent per day from the concession in the first half of June.
The AIM-traded firm said its net working interest of that was 3,060 barrels of oil equivalent per day, adding that it was a 69% increase compared to average April production.

Total production during the period had benefited from the ongoing testing of the El Salmiya-5 Well, with around 4,000 barrels of oil per day and more than 16 million square cubic feet of gas, or 7,200 barrels of oil equivalent, contribution from the El Salmiya Field per day.

Independent reserves report by Gaffney Cline frim from the end of 2019 indicated an increase in reserves and contingent resources at Abu Sennan, with the company reporting a 12.5% rise in gross 2P reserves to 13.5 million barrels of oil equivalent, with 15% of that being gas, compared to 12 million barrels of oil equivalent per day at the beginning of 2019, representing a 190% reserves replacement ratio.

Gross 1P reserves were up by 76% to 4.2 million barrels of oil equivalent per day, while gross 3P reserves rose by 46% to 28.6 million barrels of oil equivalent.

United reported a gross 2C contingent resource add of 0.73 million barrels of oil equivalent, adding that the reserves upgrade did not include the recent drilling success at the El Salmiya-5 Well.

"It is really pleasing to see the Abu Sennan assets continuing to perform so strongly and the potential that we recognised in the assets being realised. Much as we expect the production at the El Salmiya-5 well to be choked back from the current levels, it is fair to say that net production of over 3,000 barrels of oil equivalent per day at this stage has surpassed even our own high expectations for the licence," said chief operating officer Jonathan Leather.

"We remain highly confident that the Licence has more to offer.

"Further development at the field is expected to deliver additional gas before the end of the year, further enhancing production and cashflow."

Leather said the company also saw a "substantial exploration opportunity" on the licence, and was working towards optimising targets for further exploration drilling in due course.

"This independent review of reserves should send a clear message about the strength of the company's Egyptian assets and, together with our booked reserves at the Selva field in Italy, serves to highlight the considerable asset value behind United - a notable discrepancy when compared to our current market capitalisation."

At 1116 BST, shares in United Oil & Gas were up 6.06% at 2.89p.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

UOG Market Data

Currency UK Pounds
Share Price 0.19p
Change Today 0.005p
% Change -2.56 %
52 Week High 2.10
52 Week Low 0.18
Volume 2,295,120
Shares Issued 1,156.35m
Market Cap £2.20m
RiskGrade 324

UOG Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
96.56% above the market average96.56% above the market average96.56% above the market average96.56% above the market average96.56% above the market average
100.00% above the sector average100.00% above the sector average100.00% above the sector average100.00% above the sector average100.00% above the sector average
Price Trend
97.71% below the market average97.71% below the market average97.71% below the market average97.71% below the market average97.71% below the market average
92.68% below the sector average92.68% below the sector average92.68% below the sector average92.68% below the sector average92.68% below the sector average
Income Not Available
Growth
83.56% above the market average83.56% above the market average83.56% above the market average83.56% above the market average83.56% above the market average
66.04% above the sector average66.04% above the sector average66.04% above the sector average66.04% above the sector average66.04% above the sector average

UOG Dividends

No dividends found

Trades for 28-Mar-2024

Time Volume / Share Price
16:07 5,000 @ 0.20p
15:44 316,500 @ 0.18p
15:42 250,000 @ 0.19p
12:59 195 @ 0.20p
10:07 7,000 @ 0.20p

UOG Key Personnel

CEO Brian Larkin

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