United Oil and Gas shares jump on commercial find in Egypt 

Discovery has estimated reserves of 430 barrels of oil equivalent per day
United Oil and Gas shares jump on commercial find in Egypt 

United Oil and Gas CEO Brian Larkin said the company’s long-term geographical focus will be on northern Africa and the Caribbean. 

Shares in Irish exploration company United Oil and Gas jumped more than 6% on the back of it declaring a recent discovery at its Egypt operations a commercial find.

Currently undertaking a drilling campaign in Egypt, United said the latest discovery, first flagged last month, has estimated reserves of 430 barrels of oil equivalent per day.

United Oil and Gas CEO Brian Larkin said the new discovery is “a positive sign for the remaining exploration potential within the Abu Sennan concession”.

United holds a 22% interest in Abu Sennan, which is operated by Kuwait Energy Egypt.

Speaking last week, following United posting its first ever full-year profit, Mr Larkin said the company’s long-term geographical focus will be on northern Africa and the Caribbean. 

He said there remains a lot of room for organic growth from the company’s Egyptian assets, currently its prime revenue generator.

United made a profit of just over $850,000 (€700,000) in 2020, compared to a $2.1m loss the previous year. Revenue amounted to just over $9m last year.

Meanwhile, Providence Resources has raised £489,000 (€563,000) through investors exercising warrants from the company’s fundraising round last year. 

It follows more than €1m raised in the same manner last week. Funds will be used to develop its Barryroe oil and gas field off the Cork coast. 

Providence will lead Barryroe's development after terminating a funding deal with Norwegian company SpotOn Energy.

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