{"id":118039,"title":"United Oil & Gas Shares Tumble Amid Cash Concerns & Delayed Payments from Egypt","publisher":"Share Talk","author":"sharetalk","published":"2024-12-03T09:07:33+00:00","modified":"2024-12-03T09:07:33+00:00","canonical_url":"https://www.share-talk.com/united-oil-gas-shares-tumble-amid-cash-concerns-delayed-payments-from-egypt/","markdown_url":"https://www.share-talk.com/united-oil-gas-shares-tumble-amid-cash-concerns-delayed-payments-from-egypt.md","json_url":"https://www.share-talk.com/united-oil-gas-shares-tumble-amid-cash-concerns-delayed-payments-from-egypt.json","category":"Energy","categories":["Energy"],"tags":["ASD-1X","ASH-4","Brian Larkin","Egypt","Exploration","gas","gas exploration","Graham Martin","Italy","Jamaican","Jonathan Leather","Licence","North Sea","oil","oil prices","Podere Gallina","Prospective","Prospex Energy","Resources","Share Talk","Spudding","UK","United Oil & Gas","UOG","Well"],"featured_image":"https://i0.wp.com/www.share-talk.com/wp-content/uploads/2024/12/uog-3-dec.webp?fit=1200%2C800&quality=80&ssl=1","format":"news","language":"en-GB","content":"Shares in **United Oil & Gas PLC (AIM: UOG)** plunged during early Tuesday trading following a warning about its cash position, as the company continues to await overdue payments from Egypt.\n\nIn a statement, the company announced it is now reducing costs to the “bare minimum” to manage its financial challenges.\n\nThe delayed payments, previously described in mid-December as “imminent,” have yet to be received.\n\nUnited Oil & Gas assured investors that discussions in Egypt are ongoing and stated it is “taking all necessary steps to secure a prompt resolution.”\n\nUnited Oil & Gas has announced that its farm-out discussions regarding its Jamaican asset are now on hold until the new year.\n\nChief executive Brian Larkin stated: “We are continuing to engage with EGPC to secure our receivables due. In parallel, the company has had to make some decisions to maximise our cash resources.”\n\nHe added, “With this in mind, we plan to significantly reduce the company’s cost base to essential outgoings only, ensuring we optimise the chances of securing a potential farm-out agreement despite our limited funds and timeframe.”\n\nIn London trading, United Oil & Gas shares plunged 32.26% to 0.13p, leaving the company with a market valuation of just over £1 million."}