We spoke with Brian Larkin, CEO of United Oil & Gas PLC to ask some questions about the company latest announcement, with the Completion of the Acquisition of Rockhopper Egypt Pty Ltd, Re-Admission to AIM and Abu Sennan Operational Update.
United Oil and Gas, Chief Executive Officer, Brian Larkin:
“Completing the Acquisition of Rockhopper Egypt represents a significant milestone in the development of United, establishing the company as a full-cycle E&P company, and putting us in a strong position for further growth.
“At over 1,700 boepd, our 22% share of production at Abu Sennan and the revenues it generates are material. This does not take into account any future growth arising either from the ongoing infill drilling programme at Abu Sennan or the multiple exploration targets that have been independently estimated to hold gross unrisked prospective resources of 29.4 mmboe. Production has increased significantly over the last 12 months, reaching 7,900 boepd in February 2020. This highlights the potential of the assets and we look forward to working with our new partners to fully deliver on this promise.
“With drilling now underway at El Salmiya 5, the first well in the fully funded 2020 infill programme in Egypt, first gas scheduled for later this year in Italy and further progress expected across our other licence areas, we are entering an exciting phase in United’s development, one which will see our highly cash generative platform deployed to grow the Company further. With this in mind, we look forward to keeping shareholders appraised of our next steps on what has already been an exceptional growth trajectory.”
If anyone reads this article found it useful, helpful? Then please subscribe www.share-talk.com or follow SHARE TALK on our Twitter page for future updates.
Terms of Website Use
All information is provided on an as-is basis. Where we allow Bloggers to publish articles on our platform please note these are not our opinions or views and we have no affiliation with the companies mentioned