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United Oil & Gas swings to profit; upgrades production guidance
StockMarketWire.com
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Oil company United Oil & Gas swing to a full-year profit, after it booked initial revenue from assets acquired in Egypt, and raised its annual output guidance.
Pre-tax profit for the year through December amounted to $0.80 million, compared to a year-on-year loss of $1.95 million.
Revenue amounted to $9.05 million, compared to zero in 2019.
For 2021, production for the year to date was ahead of expectations and full year guidance had been raised to between 2,500 and 2,700 barrels of oil equivalent per day.
That would be up from 2,195 boepd achieved in 2020.
United Oil & Gas also said that the success of the ASH-3 and ASD-1X wells in early 2021 was likely to lead to a reserves uplift.
At 8:02am: (LON:UOG) United Oil Gas Plc share price was 0p at 2.45p
Story provided by StockMarketWire.com
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