United Oil & Gas plc’s swung to a post-tax loss of $20.4 million while profits halved during a “transitional” 2023. OPPORTUNITIES The company’s “challenging” year was marked by aborted talks on selling its 22% interest in Abu Sennan onshore Egypt, leading to an $3.8m default notice and withdrawal from the licence. United also exited central […]
Tag: United Oil & Gas plc
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 […]
United appoints Iman Hill as Jamaica consultant
United Oil & Gas plc has appointed non-executive director Iman Hill as a consultant for the Walton Morant project, offshore Jamaica. Ms Hill, who joined United in September 2020, is a petroleum engineer with 30 years’ experience in the oil and gas industry. She has global expertise in the technical and commercial aspects of the […]
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 welcomes five-year extension to Waddock Cross
United Oil & Gas plc said that a five-year extension has been granted to PL090 containing the Waddock Cross onshore oil field in Dorset. REDEVELOPMENT The company holds a 26.5% working interest in PL090, of which the operator is Egdon Resources plc, owned by Petrichor Partners LP, which in turn is owned by Heyco Energy […]
United shareholders back ‘crucial’ £1m fundraise
United Oil & Gas plc has received its shareholders’ support for February’s £1 million discounted conditional fundraise via a placing. Voting remained open for three days until 18 March and the general meeting adjourned until today. United had warned that its future would be under threat if its investors refused to back the fundraise. The […]