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United Oil & Gas posts annual loss as expenses weigh

By BFN News | 09:05 AM | Friday 29 May, 2020


Oil company United Oil & Gas posted a full-year loss after a gain on an asset sale was offset by writedowns and acquisitions costs. Pre-tax losses for the year through December amounted to $1.95m, compared to losses of $1.08m on-year. The company had acquired a 22% stake in Rockhopper's Egyptian assets and sold its interest in the Crown discovery in the North Sea. 'Covid-19 has caused unprecedented disruption to our world and to our industry,' chief executive Brian Larkin said. 'United's management has acted quickly to protect our business and to ensure that our strategy is appropriate to these circumstances.' 'While we are currently adopting a prudent approach, this is with the objective of ensuring that we maintain a pipeline of opportunities for future development and emerge from this challenging time in a position to take advantage of opportunities which may arise.' At 9:05am: (LON:UOG) United Oil Gas Plc share price was -0.05p at 1.98p Story provided by StockMarketWire.com

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