Wednesday, February 1, 2023
  • Submit news
  • Contact
  • DMCA
  • Cookie Privacy
  • Privacy Policy
  • Terms of Use
Oil Market News
  • Home
  • Marketdaily
  • Price
  • crudenow
  • Companies
  • politics
  • Gas
  • investing
  • Stock
  • OPEChot
  • brend
  • ships
Oil Market News
Home Market

United Oil & Gas Plc’s Egypt deal is “gift that keeps on giving”

8 months ago
in Market
United Oil & Gas Plc’s Egypt deal is “gift that keeps on giving”
Share on FacebookShare on Twitter


“We believe United is one of the leanest companies in the sector, making the company much more resilient to the current low oil price environment.”

Latest Oil News

Mexico’s Pemex seeks more than $1bn in bond sale

Mexico’s Pemex seeks more than $1bn in bond sale

January 31, 2023
Shell launches shake-up under new chief Wael Sawan

Shell launches shake-up under new chief Wael Sawan

January 30, 2023
Big Oil’s profits juggernaut on pace to slow but not stop

Big Oil’s profits juggernaut on pace to slow but not stop

January 29, 2023
Tullow Oil: the end of an era for exploration and production

Tullow Oil: the end of an era for exploration and production

January 28, 2023

Stockbroker Cenkos has described ’s () Egyptian acquisition as “the gift that keeps on giving”.

Cenkos analyst James McCormack, in a note, highlighted that it has transformed the company into a full-cycle E&P, by adding low-cost production.

Moreover, the transaction was further boosted by expectation beating results of new drilling since the acquisition was first agreed in 2019.

READ: United Oil & Gas results show growth and transformation

He notes that with the latest well driving net production to 1,760 barrels oil equivalent, the asset now yields some 60% more than it did at the time of the deal.

Cenkos is house broker to the company and it has repeated a ‘buy’ recommendation for the oil and gas share.

McCormack said: “we believe United is one of the leanest companies in the sector, making the Company much more resilient to the current low oil price environment.”

He added: “With low operating costs (cUS$6.5/bbl) and drilling costs, Abu Sennan remains cash flow positive with oil prices below US$20 per barrel,”

“Additional downside protection comes from the Company’s pre-payment facility with BP, effectively hedging 6,600bbls per month at US$60/bbl until September 2022 and its longterm fixed gas contracts, insulating 20% of United’s production from the current price volatility.”

Central to the strong performance in Egypt is the ASH-2 well in the Abu Sennan permit.

It was tested at a rate of 7,027 bopd in December and after subsequently coming online has been producing at around 3,000 bopd gross.

McCormack notes that ASH-2 has significantly outperformed pre-drill expectations and demonstrates the presence of a sizeable accumulation.



www.proactiveinvestors.co.uk

Tags: DealEgyptGasgiftgivingoilPlcsUnited
Previous Post

What Is The Saudi-Russia-America Oil War? How Does It Affect India? – BW

Next Post

Topic Page: Coronavirus, oil price crash – impact on chemicals

Related Posts

Mexico’s Pemex seeks more than $1bn in bond sale

Mexico’s Pemex seeks more than $1bn in bond sale

by Oil Market News
January 31, 2023
0

Mexico’s state-owned oil company Pemex was conducting a bond sale worth at least $1bn on Tuesday, according to people familiar...

Shell launches shake-up under new chief Wael Sawan

Shell launches shake-up under new chief Wael Sawan

by Oil Market News
January 30, 2023
0

Shell plans to restructure the way it runs its hydrocarbons and renewables businesses as part of changes being made under...

Big Oil’s profits juggernaut on pace to slow but not stop

Big Oil’s profits juggernaut on pace to slow but not stop

by Oil Market News
January 29, 2023
0

Oil companies will defy the gloom overshadowing many other industries when they start to report earnings this week, with analysts...

Tullow Oil: the end of an era for exploration and production

Tullow Oil: the end of an era for exploration and production

by Oil Market News
January 28, 2023
0

Those who built the oil industry had to be good at two things: finding the black stuff and getting it...

Chevron profits slip as oil and gas prices fall

Chevron profits slip as oil and gas prices fall

by Oil Market News
January 27, 2023
0

Chevron announced record earnings for 2022 but its fourth-quarter profits slipped from previous months in a sign that Big Oil’s...

Big Oil’s cash bonanza | Financial Times

Big Oil’s cash bonanza | Financial Times

by Oil Market News
January 26, 2023
0

This article is an on-site version of our Energy Source newsletter. Sign up here to get the newsletter sent straight to...

Next Post
Topic Page: Coronavirus, oil price crash – impact on chemicals

Topic Page: Coronavirus, oil price crash - impact on chemicals

Subscribe
Notify of
guest
guest
0 Comments
Inline Feedbacks
View all comments

Trend Oil News

Northern Oil & Gas (NOG) Stock: Why It Increased 1.56%

Northern Oil & Gas (NOG) Stock: Why It Increased 1.56%

4 months ago
OPEC inaugurates 2022 World Oil Outlook at ADIPEC

OPEC inaugurates 2022 World Oil Outlook at ADIPEC

3 months ago
Fact checking Trump’s CPAC speech

Fact checking Trump’s CPAC speech

9 months ago
Brentwood oil drilling threatens children’s health, climate

Brentwood oil drilling threatens children’s health, climate

9 months ago
ESG Litigation and Regulatory Enforcement Actions: Positioning Your Company to Avoid

ESG Litigation and Regulatory Enforcement Actions: Positioning Your Company to Avoid

2 weeks ago
ADVERTISEMENT
Eni Boosts Gas Production In Libya With $8 Billion Investment

Eni Boosts Gas Production In Libya With $8 Billion Investment

January 31, 2023

Gasoil margins extend losses on cautious sentiment

January 31, 2023

Clean-energy investing poised to top money backing oil and gas after hitting a record

January 31, 2023

Live news: PayPal to cut 7% of its workforce – Financial Times

January 31, 2023

Activists board Shell FPSO on route to N Sea: Update – Argus Media

January 31, 2023

‘OPEC does not control the price’: OPEC President | OPEC News

January 31, 2023

Crude Oil

Oil rises after U.S. fuel stocks draw down; economic concerns loom

Oil prices settle steady on higher U.S. demand, weaker dollar

January 31, 2023
S&P 500 Down 1%; Crude Oil Drops Over 2%

S&P 500 Down 1%; Crude Oil Drops Over 2%

January 30, 2023
Russia Can’t Replace the Energy Market Putin Broke

Russia Can’t Replace the Energy Market Putin Broke

January 29, 2023
Oil-Exporting Colombia Says No to Oil Exploration

Oil-Exporting Colombia Says No to Oil Exploration

January 28, 2023

Investing

Crude Oil Shielded From Bond and Stock Market Rout

Clean-energy investing poised to top money backing oil and gas after hitting a record

January 31, 2023
Crude Oil Shielded From Bond and Stock Market Rout

The Cushing® MLP & Infrastructure Total Return Fund Announces Fund Name Change

January 30, 2023
Boeing’s 747, the original jumbo jet, prepares for final send-off By Reuters

Boeing’s 747, the original jumbo jet, prepares for final send-off By Reuters

January 29, 2023
Chevron’s Profits Fall Short. Is This Top Warren Buffett Stock in Trouble?

Chevron’s Profits Fall Short. Is This Top Warren Buffett Stock in Trouble?

January 28, 2023

Market

Mexico’s Pemex seeks more than $1bn in bond sale

Mexico’s Pemex seeks more than $1bn in bond sale

January 31, 2023
Shell launches shake-up under new chief Wael Sawan

Shell launches shake-up under new chief Wael Sawan

January 30, 2023
Big Oil’s profits juggernaut on pace to slow but not stop

Big Oil’s profits juggernaut on pace to slow but not stop

January 29, 2023
Tullow Oil: the end of an era for exploration and production

Tullow Oil: the end of an era for exploration and production

January 28, 2023

OPEC

‘OPEC does not control the price’: OPEC President | OPEC News

‘OPEC does not control the price’: OPEC President | OPEC News

January 31, 2023
OPEC+ Closely Watches Chinese Factory Data

OPEC+ Closely Watches Chinese Factory Data

January 30, 2023
Week Ahead: FOMC, BOE, ECB, OPEC, NFP and Big Tech Earnings

Week Ahead: FOMC, BOE, ECB, OPEC, NFP and Big Tech Earnings

January 29, 2023
Top 20 Oil Exporting Countries in 2023

Top 20 Oil Exporting Countries in 2023

January 28, 2023
  • Submit news
  • Contact
  • DMCA
  • Cookie Privacy
  • Privacy Policy
  • Terms of Use

© 2022 OilMarket.News

No Result
View All Result
  • Home
  • Market
  • Price
  • crude
  • Companies
  • politics
  • Gas
  • investing
  • Stock
  • OPEC
  • brend
  • ships

© 2022 OilMarket.News

wpDiscuz
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.