StockMarketWire.com - Oil company United Oil and Gas said it expected to notch annual revenue of at least $9.0 million, having recently acquired operational assets in Egypt.

Revenue for the year through December was expected at between $9.0 million and $9.2 million, on production of 2,195 barrels of oil per day.

The company had not recorded any revenue in 2019.

'2020 was a successful year for United, delivering an excellent operational and financial performance, despite a challenging commodity price environment and the global pandemic,' chief executive Brian Larkin said.

For 2021, working interest production in Egypt was forecast to average between 2,300 and 2,500 boepd for the first half.

Further updates would be provided as a 2021 drilling programme progressed.

Capital expenditure was forecast to be $5.3 million., fully funded from existing operations.




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