United Oil and Gas expecting production levels to rise again in 2021
United Oil and Gas reflected on the year gone on Monday following a period of chaos caused by the coronavirus pandemic.
The AIM-listed company announced that it has seen its production levels rise by nearly 25% for the year. This is despite a drop in demand for fuel due to the impact of lockdowns.
United Oil and Gas put it down to its acquisition of Rockhopper Egypt, along with other assets the company took into its control over the past year.
The group also gained ownership rights of licenses in Jamaica and in the continental basin in the UK’s North Sea.
For the year ahead, United Oil and Gas is expecting its production levels to rise again, with output expected at 2,500 to 2,700 barrels a day.
The group is expecting to double its spending, with most of its $6m investment set for a number of new wells in Egypt.
Chief executive Brian Larkin said: “2020 was a landmark year for United Oil and Gas, building on strong foundations to position ourselves as a full-cycle oil and gas company with strong production, diverse assets, an exceptional board and clearly defined avenues to deliver further material growth.”
“These were significant achievements despite one of the toughest years for our sector and wider markets caused by the COVID-19 pandemic.”
“Building on this success is key for all at United Oil and Gas and we look forward to driving further activity and material growth in 2021 and beyond.”
