StockMarketWire.com - Oil company United Oil & Gas posted a rise in first-half profit after it boosted output from its assets in Egypt.

Pre-tax profit for the six months through June increased to $2.02 million, up from $1.77 million year-on-year.

Revenue jumped to $10.2 million, up from $2.4 million.

The new Al Jahraa 13 development well at Egypt's Abu Sennan play was due to be drilled later this year.

'As part of the long-term objective to realise the full potential of Abu Sennan, we are pleased to be planning the drilling programme with our partners for 2022 and beyond,' chief executive Brian Larkin said.

'This plan will include multiple development and exploration wells and has the potential to deliver large reserve and production upside.'

'In addition, during the period, the company has completed a portfolio review, refocusing United around its low risk, high return production business, complemented by selected high impact exploration opportunities.'


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