UNITED OIL & GAS PLC UNITED OIL & GAS
2022 FULL YEAR RESULTS
27 April 2023
WWW.UOGPLC.COM
UNITED OIL & GAS | 2 |
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UNITED OIL & GAS | Full-year results 2022 | 27 April 2023 | 3 |
2022 SUMMARY
CORPORATE
OPERATIONS
PORTFOLIO
MANAGEMENT
- Receipt of $2.5m from sale of Crown
- Receipt of $2.5m(1) from sale of UOG Italia
- Conditional sale agreed for Maria
EGYPT
- FY 2022 production 1,312 boepd net
- 5 wells drilled, 8 workovers,
- Zero LTI''s
BOARD CHANGES
- Appointment of Peter Dunne, CFO
- Tom Hickey, NED stepped down
JAMAICA
- Targeting NPV of c. $4 billion(2)
- Farmout process is ongoing with indicative offers due Q2 2023
DIRECTOR PURCHASES
- Total directors' holding increased to >5% of issued share capital
FINANCE
2022 FINANCIAL PERFORMANCE
- Revenue of $15.8m
- Profit of $2.3m
- Operating Cashflow $8.7m
IMPROVED FINANCIAL POSITION
- Strong Cash Collections with reduction in receivable balance year on year
- Net Debt of $1.5m
- BP Facility to be paid by end of 2023
FOCUSED ON COST OPTIMISATION
- Egyptian Opex cost of<$11/bbl
-
Corporate target to reduce G&A by
15%
2023 programme to deliver value growth
Notes : (1) €2.2m plus €0.1m working capital adjustment (2) Internal estimates
2022 Full-year results | 27 April 2023
FINANCE
PETER DUNNE - CFO
UNITED OIL & GAS | Full-year results 2022 | 27 April 2023 | 5 |
FY 2022 FINANCIAL SUMMARY
Realised Oil Price
($/bbl) | |
96.0 | |
68.9 | |
2022 | 2021 |
Realised Gas Price
($/mmbtu)
2.632.63
20212020
Group Revenue
($m) Net of Government Take
19.2 | |
15.8 | |
2022 | 2021 |
Cash Operating Cost
($/boe) | |
10.3 | |
5.9 | |
2022 | 2021 |
Gross Profit
($m)
12.9 | |
12.3 | |
2022 | 2021 |
Net Profit after Tax
($m) | |
3.6 | |
2.3 | |
2022 | 2021 |
Cash Balance
($m) | |
1.3 | |
0.4 | |
2022 | 2021 |
Proforma Net Debt
($m) | |
3.9 | |
1.5 | |
2022 | 2021 |
Capex | |
($m) | |
8.6 | |
6.9 | |
2022 | 2021 |
Operating Cashflow
($m) | |
9.1 | |
8.7 | |
2022 | 2021 |
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United Oil and Gas plc published this content on 27 April 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 April 2023 10:26:00 UTC.
