United Energy builds platform to recovery
United Energy, formerly known as Falcon Resources, made a post-tax profit of pounds 35,000 in the first half of the year, compared with a loss of pounds 193,000 in the same period last year. The company, whose main operations are the development and production of oil and gas interests in the US and Europe, increased its turnover to pounds 1.8bn in the six months to 30 June, from pounds 1.2bn a year ago.
The United chairman, John Billington, said the company had a strong platform on which to continue to develop the business in the oil, gas and wider energy sectors. He was optimistic that the progress made in the first half could be built on - group production was about double that of this time last year and at record levels.
"The Woodbine and Renown properties have been integrated successfully into the existing portfolio in the US and we have identified areas with potential for increased production and/or reduced operating costs with the intention of implementing these improvements prior to the year end," he said.
In addition, the company had significant interests in two fields that it believed were potential candidates for waterflooding - a technique in which water is swept through a field, pushing the oil ahead of it in the hopes of enhancing recoverable reserves. But the reserves attributable to these had yet to be included in the mid-year reserves pending further engineering evaluation, he said.
- 1 Man and woman arrested on suspicion of conspiracy to murder victim of Woolwich machete attack, named as Drummer Lee Rigby
- 2 'Sickening, deluded and unforgivable': Horrific attack brings terror to London’s streets
- 3 Grace Dent: I’m not sure how these people can avoid being called ‘bigots’. And the more ‘civilised’, the worse they are
- 4 Woolwich murder: They killed, then they performed - these men should be starved of our attention
- 5 Woolwich attack: The EDL will seek to exploit this evil crime for their own evil ends
BMF is the UK’s biggest and best loved outdoor fitness classes
Find out what The Independent's resident travel expert has to say about one of the most beautiful small cities in the world
Nook is donating eReaders to volunteers at high-need schools and participating in exclusive events throughout the campaign.
Get the latest on The Evening Standard's campaign to get London's children reading.
Win anything from gadgets to five-star holidays on our competitions and offers page.