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United Oil & Gas swings to profit after booking revenue from Egypt

By BFN News | 01:18 PM | Tuesday 29 September, 2020

Oil company United Oil & Gas swung to a first-half profit after is started generating production revenue for the first time following its acquisition of operational assets in Egypt. Pre-tax profit for the six months through June amounted to $1.77 million, compared to losses of $0.76 million year-on-year. Revenue was $2.44m. United Oil & Gas, which also has assets in the UK, Italy and Jamaica, said it would continue to focus on cost control amid the Covid-19 pandemic and associated low oil prices. 'We are working on all our licences to ensure that they are progressing and that further development and exploration drilling activity in Egypt can resume in late 2020/early 2021,' the company said. 'In Italy, we will continue to progress the necessary permitting to allow production to commence in 2021.' 'In Jamaica work is underway to further de-risk the Colibri prospect and a CPR is to be commissioned covering at least 10 further targets in the Walton Morant Basin ahead of a farm-out process and drill decision in 2021.' 'In the UK, our geotechnical team will advance our Central North Sea licence, identifying the best means to release the value in the exciting Zeta prospect and recent licences awarded in the 32nd Round.' At 1:18pm: (LON:UOG) United Oil Gas Plc share price was -0.15p at 2.7p Story provided by

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