“We proceed to judge new alternatives which match our funding standards as we glance to ship on our goal to reveal our shareholders to a rising pipeline of near-term alternatives with important re-rating potential,” chief government Brian Larkin informed traders on the firm’s AGM.

The firm has quickly constructed a powerful worldwide asset base since floating in London final 12 months, selecting up shares of licences within the UK, Italy and Jamaica.

Its short-to-medium-term focus will probably be on gaining new floor within the UK, Eastern Europe, South America, and Africa. The firm has not dominated out a long-term have a look at licence alternatives offshore Ireland both.

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Recent drilling on the highly-rated Podere Gallina gasoline exploration licence in northern Italy — which is 20%-owned by United — proved a hit, with a improvement plan being submitted to the Italian authorities on the finish of final month.

Around the identical time United was awarded two licensing blocks within the North Sea, with the corporate changing into the primary Irish explorer in a decade to gather in a UK licensing spherical.

That improvement introduced to a few the variety of blocks United owns in Britain and consists of the Crown oil discovery, which is estimated to include as much as 16m barrels of oil.

“Shareholders can count on extra of the identical within the 12 months forward as we work with our companions to convey the business gasoline discovery in Italy into manufacturing, drill not less than one effectively within the UK, and de-risk the company-making prospectivity offshore Jamaica,” Mr Larkin mentioned.

Source: www.irishexaminer.com

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