(EnergyAsia, April 1 2013, Monday) — Helped by expansion at its upstream operations in Pakistan and China, Hong Kong-listed United Energy Group said it raised production by 20% to 26,015 barrels/day of oil and gas equivalent (BOE) and reserves by 13.2% to 60.34 million BOE last year.
It said gross profit rose 8.5% times from HK$135.418 million in 2011 to nearly HK$1.291 billion while revenue climbed 2.67% to more than HK$3.21 billion. (US$1=7.75).
The company said its board had not recommended paying a dividend for the review period.
Chairman Zhang Hong Wei said:
“2012 was the first full financial year after the group completed acquiring the BP assets in Pakistan. The group has recorded an average net production of 24,681 b/d.
“We have further acquired working interests at MKK Concession to efficiently realise the potentials of our assets.”
United said it successfully applied its fireflood enhanced oil recovery (EOR) technology to boost production at its Liaohe field in China.