Our Business Model

Our Business Model

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We are an oil and gas company. United’s business model is to hold assets within the oil and gas life cycle to deliver value for stakeholders. The cash flow from our production funds our work programmes.
We are an oil and gas company. United’s business model is to hold assets within the oil and gas life cycle to deliver value for stakeholders. The cash flow from our production funds our work programmes.

We review our portfolio regularly and our assets are monetised at different stages of oil and gas exploration, development and production to optimise the portfolio and value creation.

What we need to execute our business model

Our people, our strengths and capabilities

  • Business ethics and integrity
  • Highly skilled subsurface, commercial, finance and investor relations teams who have considerable experience with capital markets and in supporting local management
  • A track record of delivery
  • Strong industry relationships

Our assets & portfolio

  • In Egypt we have production and organic growth potential through discovered reserves and resources and existing field exploration options 2P numbers are 13.3 mmboe gross, 3.0 mmboe net and United estimate net unrisked summed mean recoverable resources of 10.4 mmboe contained within over 30 identified prospects and leads
  • In Jamaica, we have an estimated 2.4 billion barrels unrisked mean prospective resources across the basin
  • We actively manage our portfolio to achieve best commercialisation opportunities at the right time of our current portfolio
  • We look to also grow by pursuing new venture opportunities that meet our investment criteria
  • We commit to working responsibly across all our activities. This means working in a safe, secure, environmentally, and socially responsible manner

Financial flexibility

  • We have a capital allocation policy of 90:10, with 90% of our capital focussed on growing our producing business and 10% on high impact exploration assets
  • Our producing asset has a very low operating cost by industry standards
  • Work programmes for our current portfolio are funded by cash generated from our producing assets
  • We have access to capital markets and have established relationships with debt and equity providers
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What we do

Produce, develop and explore

We drill wells with our Joint Venture Partners on existing discovered reserves and resources to produce oil and gas. We maximise returns through our low-operating costs and optimising production. We explore for oil and gas in our existing licences. We conduct operations responsibly and safely.

Grow

Organic growth through disciplined and careful reinvestment into existing assets that will generate value (drilling, work programmes, workovers, operational efficiencies)

Inorganic growth via acquisitions with a focus on production and a small proportion of high impact exploration.

We have a track record of creating significant growth and value demonstrated through our acquisition of the Abu Sennan, Egypt licence.

We have the ability to move quickly to pursue opportunities.

Monetise

We assess our portfolio regularly and look for commercialisation opportunities that can be monetised at different stages of oil and gas exploration, development, and production.
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Responsible value creation

We are committed to making a positive contribution, wherever we do business by delivering tangible benefits to our stakeholders. This includes the value distributed through salaries, taxes, payments to authorities, contractors and suppliers, capital spending and social investment.

Shareholders and financing partners

Oil and Gas revenue and cashflows

Employees

Zero incidents recorded for LTI’s

Salaries and benefits

Business partners and suppliers

Joint operating company has contributed to national economic growth through local sourcing , employment and using local suppliers.

Governments and regulators

Payments to Governments via royalties, taxes and levy’s

100% of oil/gas produced is sold domestically

Local community investment

Social Investment into capacity building

Joint operating companies, have contributed to national economic growth through local employment , training and industry upskilling