United Oil & Gas Plc (GB:UOG) has released an update.
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United Oil & Gas Plc reported a challenging year in 2023, with steady production in Egypt but strategic divestment due to the economic downturn and geopolitical tensions. The company secured extensions for exploration licenses in Jamaica and the UK, and raised £1 million in equity to fund future programs. Despite a loss after tax of $20.4 million for the year, United is focusing on new opportunities and a farm-out campaign in Jamaica to deliver long-term shareholder value.
For further insights into GB:UOG stock, check out TipRanks’ Stock Analysis page.
