United Oil & Gas plc has received US$591,595 relating to receivables from its previous interest in the Abu Sennan licence, onshore Egypt. The payment, expected to be $620,000, was from national oil company Egyptian General Petroleum Corporation. United said it continued to engage with EGPC regarding a small outstanding balance.
Tag: Abu Sennan – Egypt
United to cut costs to ‘bare minimum’
United Oil & Gas plc is reviewing its cost structure as it awaits $620,000 in receivables from Egypt and talks suspend on the offshore Jamaica farm-out until the new year. EFFORTS Chief executive Brian Larkin met his counterpart of national oil company Egyptian General Petroleum Corporation (EGPC) regarding the outstanding payment from the Abu Sennan […]
United finalises exit from Egypt
United Oil & Gas plc has completed its exit from the Abu Sennan joint venture licence, onshore Egypt. JAMAICA The company said it had finalised all paperwork for the withdrawal from its 22% working interest, effective 1 January 2024. Formal approval from state oil company Egyptian General Petroleum Corporation and the Minister for the Deed […]
United receives $1m over Abu Sennan
United Oil & Gas plc said it had received US$1 million from state oil company Egyptian General Petroleum Corporation (EGPC) in relation to the Abu Sennan onshore licence. ASSETS The funds will leave United debt free while withdrawal from the concession, in which it held 22% working interest, is finalised. The company anticipates the remaining […]
United given $3.8m default notice for Abu Sennan
United Oil & Gas plc has received a default notice for US$3,822,143 outstanding cash calls for the Abu Sennan licence in which it tried to sell its 22% interest. DISCUSSIONS The company has 30 days, beginning 28 January, to address the November 2023 notice from operator Kuwait Energy Egypt Ltd under their joint operating agreement […]
United opens new area of Abu Sennan
United Oil & Gas plc has opened a new area of the Abu Sennan licence following petrophysical analysis of tests on the final well drilled in 2023. CHALLENGING The ASD S-1X exploration well, which reached a total depth of 3,450 metres on 12 December, showed a total 9.5 metres of net pay, including 6m net […]