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United Oil & Gas’s Brian Larkin delighted with “year of considerable progress”

“The progress made last year builds on United's already strong start and has been continued into 2019," the United chief executive said.

oil and gas operations
United is advancing its portfolio on multiple fronts

United Oil & Gas PLC (LON:UOG) chief executive Brian Larkin has described himself as delighted as the explorer reported on a “year of considerable progress”.

“2018 saw development at an operations level, through successful drilling in Italy and seismic and other development activity across our portfolio.

“It saw portfolio gains, most notably through success in our first competitive licencing round, with the acquisition of the Crown Discovery in UK Licencing Round 30. 2018 also saw additional strengthening of our technical and corporate team, as we gear up to take full advantage of what is an increasingly strong asset base.”

READ: United Oil & Gas boosted by Italian resource upgrade

Larkin added: “The progress made last year builds on United's already strong start and has been continued into 2019."

Operationally, the highlights included the delivery of the Podere Gallina discovery towards production - due in the third quarter of 2020, when it will create significant cash flow.

The company also had success with a seismic exploration campaign in Jamaica, across the large Walton Morant licence, which has derisked multiple exploration targets.

Since the end of 2018, the company booked its first reserves with 2.7bn cubic feet defined at the 20% owned Selva Gas Field in Italy.

It also expanded the portfolio with the acquisition of a licence in Benin, marking United’s entry into Africa.

In terms of the financial results, the exploration company reported a £810,987 loss for the twelve months ended 31 December 2018, and, it ended the period with US$4.03mln of cash and equivalents.

Quick facts: United Oil & Gas PLC

Price: 3 GBX

Market: AIM
Market Cap: £18.57 m

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