United Oil and Gas said on Monday that 2020 was a “landmark” year for the the Dublin-based oil and gas explorer , as it became a “full cycle oil and gas company with a portfolio of production, development, exploration and appraisal assets”. The London-listed oil and gas company reported revenues of $9.1 million in the year to December 31st 2020 (it reported no revenues in 2019), and pre-tax profit of almost $1 million, compared with a loss of $1.9 million in 2019. Established five years ago by Irishman Brian Larkin, who previously held finance and commercial positions at Tullow Oil, 2020 was a “landmark year” for the company, as it positioned itself as a full-cycle oil and gas company with “strong production, diverse assets, an exceptional board and clearly defined avenues to deliver further material growth”. Crude oil fell traded at negative prices last spring as the pandemic first hit, but has since recovered to trade around $60 a barrel. It will be looking at organic growth in its Egyptian assets, as well as potential acquisitions outside the business.

Source: The Irish Times April 26, 2021 06:58 UTC