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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Urals EN. | LSE:UEN | London | Ordinary Share | CY0107130912 | ORD USD0.126 (DI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 35.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS No 5160e UNITED ENERGY PLC 28th September 1998 Highlights Compared to First Half 1997: Production increased by 23% to 1,975 boepd. Reserves up by 60% to 5.1 million boe. Operating costs per boe reduced by 9%. 26% fall in product prices results in loss of #188,000. Evaluated Net Assets per Share remain the same at 29p. Compared to 31 December 1997: Average daily production increased by 29%. Oil and gas reserves increased by 22%. Operating costs per boe reduced by 6%. Other Highlights: Continued development drilling success in the Sullivan Deep Field. Strong production contribution from drilling successes in SW Speaks Field. Tight management controls continue to improve operating efficiency. Further development drilling in SW Speaks expected in the second half. Chairman's Statement During the six months to 30 June 1998 the Group achieved strong growth in production and reserves, which have again both reached record levels. This solid progress has been eroded by weak product prices and as a consequence I have to report a loss of #188,000. Group Results The results for the first half of 1998 were strongly influenced by very weak oil prices which adversely impacted gas prices. Compared to the first six months of 1997, average received oil prices were down 33% at US$13.22/bbl and gas prices down 12% at US$2.18/mmscf. Despite a 23% increase in production, turnover and operating cashflows were down 9% and 33% respectively. Had the product prices we received in the first half of 1997 continued, we would have reported a profit of just under #700,000 for the six months to 30 June 1998. Production and Reserves Production for the first six months averaged 1,975 boepd, up from 1,611 boepd over the same period in 1997, and should average over 2,200 boepd for the second half of 1998. Proved reserve volumes increased by 60% to 5.1 mboe. These reserve gains have been offset by weaker pricing and the Evaluated Net Assets per Share at 29 pence remain the same as at the end of the first half of 1997. Finance Net operating cashflows fell by 33% to #1.1 million, representing 2.8 pence per share. Although well down on last year, this reflects the Company's ability to generate significant cash even during periods of very weak prices. Despite the strong positive cashflows, gearing has risen to 124% from 77% at the year end, as a direct result of two acquisitions referred to below and the ongoing drilling program. Readily available bank facilities, based on the recently completed borrowing base review amount to #750,000. Drilling Program Five wells were drilled during the first half of which three were successful. The Sullivan Deep A No2 and the Perez Alaniz Deep A No1 both confirmed the presence of additional reserves for exploitation in the Ann Mag area. The Sullivan AA No1 did not encounter the southern extension to the Perez Deep prospect that was prognosed, but was completed as a producing gas well in a separate sand. On our royalty interest prospect at SW Speaks, Costilla Energy drilled three wells during the first half, two of which were successful and the third is due to be side-tracked later this year. Since the mid year a further two wells have been drilled and a third is currently drilling. The Sullivan Deep A No3 confirmed a further extension of the Sullivan Deep prospect and is producing around 55 boepd to our interest. In SW Speaks, Costilla Energy drilled another successful well on the Mitchell Lease which is contributing around 120 boepd net to our interest and have staked a fifth well location, whilst on the Simpson Lease two further wells are currently being drilled. Acquisitions During the first half we made two acquisitions for US$2.76 million adding around 690 mboe of reserves. We purchased a 100% working interest in the Hankamer and South Liberty Fields in Chambers County, Texas, which we operate as well as a series of minority working interests in four fields in Mississippi operated by Swift Energy. We have made a number of production enhancements in the Chambers County Fields, and AmBrit's operated properties now account for 40% of the Group's total daily production. Agrigen As noted in the 1997 Report & Accounts, Northampton Borough Council rejected our revised planning application in December 1997, having passed a resolution to grant planning permission for a similar scheme in 1992. We have spent the bulk of this year preparing for the Planning Inquiry which is scheduled to commence towards the end of October, with a decision expected around the end of the year. The comprehensive preparation that the UK team have undertaken for the Inquiry leads me to view the outcome with cautious optimism. Outlook The wells currently drilling and those planned for the second half give scope for further production and reserve increases over and above those achieved to- date. While improved product prices are expected to occur later in the year, your Company's good cash margins and tight cost controls will ensure that it remains on a sound financial footing during this period of weak pricing. Your Board is acutely aware of the need to deliver shareholder value and over the past few years has done much to improve the quality of the reserve base and increase production output. Strategically we are reviewing a range of options to realise the underlying value. John Billington Chairman 28 September 1998 Unaudited Group Results for the Six Months ended 30 June 1998 Six months ended Six months ended Year ended 30 June 1998 30 June 1997 31 December 1997 #000 #000 #000 Turnover 2,698 2,971 5,507 Cost of sales: Production costs (1,053) (948) (1,760) Depletion of oil and gas interests (1,051) (909) (1,665) (2,104) (1,857) (3,425) Gross profit 594 1,114 2,082 Administrative expenses (446) (446) (857) Operating profit 148 668 1,225 Loss from interests in associated undertaking (11) - (26) Interest receivable 5 9 23 Interest payable (330) (177) (394) (Loss)/profit on ordinary activities before taxation (188) 500 828 Taxation - (35) (25) (Loss)/profit on ordinary activities after taxation (188) 465 803 (Loss)/earnings per share (0.5p) 1.2p 2.1p Unaudited Group Balance Sheet as at 30 June 1998 30 June 1998 31 December 1997 #000 #000 Fixed assets Intangible exploration assets 13 188 Oil and gas interests 13,354 10,628 Other tangible assets 83 98 Investments 520 389 13,970 11,303 Current assets Debtors 1,391 1,137 Cash at bank 457 691 1,848 1,828 Creditors: amounts falling due within one year (1,553) (1,008) Net current assets 295 820 Total assets less current liabilities 14,265 12,123 Creditors: amounts falling due after more than one year (8,096) (5,683) Net assets 6,169 6,440 Capital and reserves Called up share capital 3,889 3,889 Share premium account 272 272 Other reserves: capital reserve 717 717 Profit and loss account 1,291 1,562 Shareholders funds-equity 6,169 6,440 Notes 1. The figures above do not constitute statutory accounts within the meaning of Section 240 of the Companies Act 1985. The comparative figures for the year ended 31 December 1997 have been extracted from the statutory accounts for that year, on which the auditors reported without qualification, and which have been filed with the Registrar of Companies. 2. The interim results for the six months ended 30 June 1998 are unaudited and have been prepared in accordance with the accounting policies adopted in the statutory accounts for the year ended 31 December 1997 as modified by the adoption of new financial reporting standards. 3. The directors do not propose to recommend the payment of an interim dividend (1997: nil). 4. These interim results are being circulated to shareholders and are available upon request from the Company's Head Office at 51 The Promenade, Cheltenham, Gloucestershire GL50 1PJ (Tel: 01242 253773). END IR FCPCQADKDOCB
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