Finance News Oil & Gas

United settles outstanding $840,000 debt

United Oil & Gas plc said it had settled the final outstanding sum of $839,200 with its debt provider. JAMAICA The company has also completed the necessary paperwork to withdraw fully from Egypt. Chief executive Brian Larkin added: “We’re delighted to have reached a settlement agreement with our debt provider and express our gratitude for […]

Metals & Minerals News

Oriole to write down £1.45m for Thani Stratex gold

Oriole Resources plc said it would write down £1.45 million for the carrying value of its Thani Stratex interest after its investee company relinquished the Hodine gold exploration licence in Egypt. BUSINESS STRUCTURE The licence, containing the Anbat and Hutite projects, lies in the southeast of the country. Oriole holds a 24.94% interest in privately-owned […]

News Oil & Gas

Neptune announces death of Egypt managing director

Neptune Energy said it was profoundly shocked and sad at the death of engineer Mohamed Mounes Shahat who was the company’s managing director in Egypt. RESPECTED Mr Mounes died today, 17 February. Prayers will be held tomorrow in New Cairo. In a statement, Neptune said that he was highly respected at Neptune and across the […]

News Oil & Gas

United spuds AJ-13 development well in Abu Sennan

United Oil & Gas plc announced that drilling had started at the Al Jahraa-13 development well in the Abu Sennan licence, onshore Egypt. AJ-13 The AJ-13 development well will take some 65 days to drill and complete and will target stacked Upper and Lower Bahariya reservoir targets. United added that the well was fully funded from […]

Metals & Minerals News

Oriole notes start of drilling on Hodine gold licence

Oriole Resources plc said drilling had started at its gold project interest in the Hodine exploration licence, Egypt. BUSINESS STRUCTURE The company holds a 24.92% interest in Thani Stratex Resources Ltd (TSR) which, through its local subsidiary Thani Dubai Mining, holds a 93% interest in the licence. Hodine is held by Red Sea Resources Ltd […]

News Oil & Gas

United starts production at ASX-1X oil well in Abu Sennan

United Oil & Gas plc has started production from the commercial discovery declared at the ASX-1X oil exploration well in the Abu Sennan licence, onshore Egypt. ASX-1X The ASX-1X well is the second exploration well to be drilled in 2021 on the Abu Sennan licence in which United holds a 22% interest. The company received […]