Average daily net production reaches 36,700 - 38,9200 boe
HONG KONG, May 10, 2013 /PRNewswire/ --
Highlights
United Energy Group Limited ("United Energy" or the "Group", SEHK: 467), one of the largest upstream oil and gas enterprises, is pleased to announce its operation guidance for Financial Year 2013. The Guidance sets out the production estimations for 2013 based on the current operations and tentative work plan for this year.
Pakistan Assets
The Group plans to increase the Net Capital Expenditure ("CAPEX") to the range between US$280 - 320 million in year 2013 (2012: US$ 151 million). In 2013, the Group also plans to drill 25 exploration wells (2012: 11 wells) and 36 development wells (2012: 20 wells), and conduct 40-50 rig workovers (2012: 31 rig workovers). The Group expects to deliver Net Proved Reserves Replacement Ratio in the range between 300%-350% (2012: 142%), an average daily net production in the range between 35,000-37,000 boe (2012: 24,681 boe), lifting cost in the range between US$5.0-5.5 per boe (2012: US$ 5.7 per boe), and finding and development ("F&D") cost in the range between US$6.9-7.5 per boe (2012: US$ 10.6 per boe).
Liaohe Enhance Oil Recovery ("EOR") Projects, China
The Group plans to invest Net CAPEX in the range between US$15.0 -17.0 million in year 2013 (2012: US$19.9 million). In 2013, the Group also plans to install 15 fireflood units in the year (2012: 8 units) and drill 8 development wells (2012: 20 wells), and the coverage of fireflood application at the end of year 2013 is expected to reach 40%-45% level (2012: 37%). The Group expects to deliver an average daily net production in the range between 1,700-1,900 barrels ("bbl") (2012: 1,334 bbl) and lifting cost in the range between US$32.0-35.0 per boe (2012: US$35.9).
About United Energy
United Energy Group Limited ("United Energy" or the "Group") is an oil and gas company listed on the main board of Hong Kong Stock Exchange. The Group mainly engages in the upstream oil and natural gas reserved operation, including exploitation, development, production and sales of crude oil and natural gas, as well as provision of patented technologies supporting services to oilfields. United Energy owns Pakistan natural gas and oilfield assets and has right to engage in the exploitation, development and production of the project. The Group owns and operates an oilfield in Liaoning Province, North-East of the PRC. For more information, please visit www.uegl.com.hk.
