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ENERGY & UTILITIES | Oil & Gas Production & Exploration
egyptian-drilling.com

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Stage

Acquired | Acquired

Valuation

$0000 

About Egyptian Drilling

Egyptian Drilling Company began operations in 1976 as a 50/50 joint venture between Maersk Drilling and Egyptian General Petroleum Corporation, which is owned by the Ministry of Petroleum and Mineral Resources in Egypt.

Egyptian Drilling Headquarter Location

KM 17.5 Cairo Suez Desert Rd Nasr City House

Cairo,

Egypt

+202-2406-2222

Latest Egyptian Drilling News

United Oil & Gas restarts Egyptian drilling plans

Sep 30, 2020

The company made a loss of $756,000 in the corresponding period in 2019. Earlier this year, United deferred all non-capital expenditure, however it now hopes to spud a well Egypt before the end of the year. Dublin-based United has 35 potential prospects in Egypt, where the drilling is "very affordable", the company's chief executive Brian Larkin said. Revenue for the six months to June 30 was $2.4m, according to interim results for the group. The Dublin-based company has a cash balance of $1.2m. Its working interest in oil production averaged 1,975 barrels of oil per day during the six months. The company increased production "significantly" and has very low operating costs of $4.50 a barrel. In Egypt, United completed its Rockhopper acquisition during the period. Meanwhile, in Jamaica, United has secured a 100pc equity stake as well as the rights to operate the Walton Morant licence. This occurred after the results. However, in Italy the company's licenses are located close to the epicentre of the outbreak of Covid-19 in the country, which has had an impact on the level of activity there. United's operations this year have taken place against the background of sustained low oil prices, driven in large part by the global pandemic. United said it will continue to "evaluate new venture opportunities emerging with the aim of putting the company in a position to move quickly should a value opportunity present itself". Mr Larkin said the year has been "successful" for the company, "with integration of the Egypt assets which are delivering low cost, sustained production, material reserves growth and positive operating cash flow". "Looking ahead our focus remains on managing United in a responsible way as we allocate capital prudently and efficiently to grow the business. "We are well placed to manage the challenges the industry is experiencing and to take advantage of an improvement in market conditions," Mr Larkin added. The company expects to produce around 2,500 barrels of oil per day in the second half of2020, excluding any additional drilling results. Irish Independent

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