British exploration company United Oil & Gas posted positive production results from its Abu Sennan oil project in Egypt. The company aims for further exploration.
United Oil & Gas increased production to 12,347 barrels of oil equivalent per day (bepd) in June from the 7,770 bepd recorded in March at its Abu Sennan concession in Egypt. This marked improvement is explained by the recent increase in oil reserves, signaled by a technical assessment a few months ago.
“The year 2020 has been a success for United, with the integration of Egyptian assets which require low cost, sustained production, growth in raw material reserves and positive operating cash flow […]. We have strengthened the Board of Directors and recently welcomed new institutional shareholders to our register, marking our arrival as a full cycle oil and gas company, “commented Brian Larkin, CEO of the company.
He adds that the priority going forward is to manage United’s business more responsibly, allocating the necessary capital in a prudent and efficient manner in order to continue the development of the company.
The official also says the company is well positioned to deal with the crisis in the oil industry and is in talks with partners on the project to plan for further exploration.
Source Ecofin Agency