United Energy (00467) said its Pakistan assets achieved an average daily gross crude oil and condensate production of about 17,469 barrels of oil per day and an average daily gross natural gas production of around 272.8 million cubic feet per day.
After surrendering the offshore blocks V & W and offshore block G in 2013 and 2014 respectively, United Energy Pakistan Limited (UEPL), an indirectly wholly-owned subsidiary of United Energy, becomes the sole operator in all of its participating blocks in Pakistan and China. Since the exploration and development risk and cost of offshore blocks are relative high, the Group will control and limit the capital exposure in its Pakistan offshore blocks to avoid any potential adverse financial impact on its business.
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