By Jaime Llinares Taboada
United Oil & Gas PLC on Thursday reported that its 2021 production was ahead of guidance. Here’s what the oil-and-gas company had to say:
On 2021 performance:
“Group full-year 2021 production averaged 2,327 boepd net (1,869 bopd oil and 458 boepd gas), slightly above production guidance of 2,100-2,300 boepd issued on 6 September 2021”
“Total revenues for the year were approx. $19m”
“The average realised oil price per barrel from Egypt achieved was approx. $68.90/bbl, representing a discount to Brent of circa $1.85/bbl”
“Cash Capital Expenditure approx.$ 5.5m”
On 2022 guidance:
“H1 production guidance is 1,500-1,650 boepd. At this stage this guidance only includes forecast production from existing wells and one development well, ASD-2, which has spud”
“Full-year guidance will be provided once initial results of 2022 drilling programme have been assessed”
On growth projects:
“Approved fully funded 2022 Egypt drilling and work programme consisting of four firm wells, and eight workovers”
“Two firm development wells: ASD-2, which commenced drilling on the 25 January, and ASH-5, targeting the prolific Alam El Bueib (AEB) reservoir”
“Two firm exploration wells, ASF-1X and ASV-1X, will target combined mean recoverable resources estimated by United at c.10 mmbbls (2.2 mmbbls net)”
“Additional fifth well (an injector in the Al Jahraa SE field) is contingent on the results of technical work currently underway; decision anticipated in Q1 2022”
“Renewed farm-out campaign for the Walton Morant licence, Jamaica, post licence extension”
“Group cash capital expenditure for the full year is forecasted to be approx.$6m, fully funded from existing operations, with circa $5.5m to be invested in Egypt and up to $0.5m across the other assets in the portfolio”
Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT
