United Oil & Gas (UOG)

Sector:

Energy Producers

Index:

FTSE AIM All-Share

3.73p
   
  • Change Today:
      0.025p
  • 52 Week High: 6.00
  • 52 Week Low: 2.18
  • Currency: UK Pounds
  • Shares Issued: 644.80m
  • Volume: 1,117,191
  • Market Cap: £24.02m
  • RiskGrade: 324

United Oil reports 'material increase' in Abu Sennan reserves

By Josh White

Date: Wednesday 14 Apr 2021

LONDON (ShareCast) - (Sharecast News) - United Oil & Gas updated the market on the Abu Sennan concession, onshore Egypt on Wednesday, reporting that an independent reserves and resources report, relevant to the end of 2020, indicated a "material increase" in reserves.
The AIM-traded firm holds a 22% working interest in the licence, which is operated by Kuwait Energy Egypt.

It reported a 24% increase in gross 2P reserves to 16.8 million barrels of oil equivalent, from 13.5 million barrels at the start of 2020, representing a near-200% reserves replacement ratio, before the recent drilling success at the ASH-3 and ASD-1X wells.

Gross 1P reserves, meanwhile, were up by 59% to 6.7 million barrels of oil equivalent, and gross 3P reserves were 21% higher at 34.7 million barrels.

The board said "significant" additional growth opportunities were evaluated in the report, noting 21 exploration prospects, many with multiple reservoir targets.

"It is really pleasing to see the Abu Sennan assets continuing to perform so strongly, and so consistently, with a reserves replacement ratio of over 190% for the second year in a row," said chief executive officer Brian Larkin.

"We remain confident that the Licence has much more to offer, and indeed, these upgraded reserve numbers take no account of the successes already achieved so far during the 2021 drilling campaign."

Larkin said the report "significantly" increased the company's understanding of the potential of the asset, pointing to 21 potential exploration targets.

"With further development drilling due to commence shortly at Al Jahraa, and further development and exploration targets identified across the licence, we are looking forward to further news flow and growth from Abu Sennan, both in the coming months and in the longer-term."

At 1410 BST, shares in United Oil & Gas were up 2.92% at 4.94p.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

UOG Market Data

Currency UK Pounds
Share Price 3.73p
Change Today 0.025p
% Change 0.68 %
52 Week High 6.00
52 Week Low 2.18
Volume 1,117,191
Shares Issued 644.80m
Market Cap £24.02m
RiskGrade 324

UOG Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value Not Available
Price Trend
22.27% above the market average22.27% above the market average22.27% above the market average22.27% above the market average22.27% above the market average
65.22% above the sector average65.22% above the sector average65.22% above the sector average65.22% above the sector average65.22% above the sector average
Income Not Available
Growth Not Available

What The Brokers Say

Strong Buy 1
Buy 0
Neutral 0
Sell 0
Strong Sell 0
Total 1
strong_buy
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UOG Dividends

No dividends found

Trades for 27-Jul-2021

Time Volume / Share Price
14:29 40,000 @ 3.75p
14:24 26,315 @ 3.76p
12:53 10,000 @ 3.77p
12:45 2,335 @ 3.77p
12:42 5,298 @ 3.78p

UOG Key Personnel

CEO Brian Larkin
COO Jonathan Leather
CFO David Quirke

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