United Oil drilling plans not hit by payment delay

Covid disruptions delayed approval of Hibiscus’ asset development plans and United now expects to receive the rest of its money in the second quarter of next year

Irish exploration company United Oil and Gas holds licences in the North Sea, but its main markets are Egypt, Italy and Jamaica.

Irish exploration company United Oil and Gas has said its planned drilling campaign in Egypt, due to start in the coming weeks, will not be hampered by a delay in receiving due payment from the sale of one of its UK assets.

United’s main markets are Egypt, Italy and Jamaica. It funded its entry into Egypt – the only place where it is currently actively producing oil – in 2019 through the sale of one of its North Sea assets, the Crown discovery, to Malaysian explorer Hibiscus Petroleum.