United Oil & Gas PLC (LON:UOG) branded the twelve months ended 31 December 2020 a “landmark year”.
Chief executive Brian Larkin said United had positioned itself as a full-cycle oil and gas company with strong production, diverse assets, 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," he said.
"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."
READ: United Oil & Gas boosted by better-than-expected reserves
The acquisition of Rockhopper Egypt was a key event in the year, as it established a production base which exceeded expectations – averaging 2,195 barrels oil equivalent per day through 2020, following successes at the ASH-2 and ES-5 development wells.
At the end of 2020, an independent reserves report confirmed a 24% increase in the inventory with the Abu Sennan field having 16.8mln boe of proved and probable (2P) reserves. A new pipeline improved environmental efficiency and added 312 boepd of production net to United.
The company retained a 100% position in the Walton Morant Licence in Jamaica and secured an 18-month extension after a partner-exited the exploration venture. The acreage is estimated to host some 2.4bn of prospective resources.
Elsewhere, the company secured new North Sea acreage during the period with Blocks 15/18e and 15/19c hosting the Maria, Brochel and Maol Discoveries.
In terms of its financials, United reported US$9.1mln of revenue and a US$0.85mln profit for the year. It generated some US$4.8mln of cash from operating activities whilst it has cash capital expenditure of US$2.5mln.
The company ended the year with US$2.2mln of cash.