Irish exploration company United Oil and Gas strikes maiden profit

Irish exploration company United Oil and Gas has posted a maiden profit and is hopeful of realising production flow from a second of its core regions next year.

The company (which is active in Egypt, Italy, Jamaica and the UK) generated a pre-tax profit of $1.77m (€1.52m) in the first six months of this year, versus a loss of $756,408 for the same period last year.