United Energy builds platform to recovery
Friday 13 October 1995
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.
- 2 Moscow voted the world's unfriendliest city
- 3 The excuses your boss is most likely to believe when you call in sick
- 4 I'm pansexual – here are the five biggest misconceptions about my sexuality
- 5 More than 11,000 Icelanders offer to house Syrian refugees to help European crisis
The one chart that shows how George Osborne is almost certainly going to be our next Prime Minister
The excuses your boss is most likely to believe when you call in sick
Bono's group has made more money from Facebook investment than from all his music
Three-year-old ultra-Orthodox Jewish children told 'the non-Jews' are 'evil' in worksheet produced by London school
Wikipedia rocked by 'rogue editors' blackmail scam targeting small businesses and celebrities
Climate change: 2015 will be the hottest year on record 'by a mile', experts say
Jeremy Corbyn calls Osama bin Laden's killing a 'tragedy' - but was it taken out of context?
If these extraordinarily powerful images of a dead Syrian child washed up on a beach don’t change Europe’s attitude to refugees, what will?
If you're not already angry about the refugee crisis, here's a history lesson to remind you why you really should be
Tony Blair attacks Jeremy Corbyn's 'Alice In Wonderland' politics
Theresa May says migrants should be banned from entering the UK unless they have jobs lined up
iJobs Money & Business
£14000 - £16000 per annum: Recruitment Genius: This company was established in...
£20000 - £25000 per annum + OTE 40k: SThree: SThree are a global FTSE 250 busi...
£20000 - £25000 per annum + competitive: SThree: SThree are a global FTSE 250 ...
Voluntary and unpaid, reasonable expenses reimbursable: Reach Volunteering: St...