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united energy group ltd (467) Snapshot

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united energy group ltd (467) Details

United Energy Group Limited, an investment holding company, engages in the investment and operation of oil, natural gas, and other energy related businesses. It operates through Exploration and Production, Oil Exploitation, and Oilfields Supporting Services segments. The Exploration and Production segment explores and produces crude oil and natural gas in Pakistan. The Oil Exploitation segment produces crude oil in the People's Republic of China utilizing production enhancement technology. The Oilfields Supporting Services segment provides oilfield support services using patented technology. As of December 31, 2014, the company had net proved reserves of 111.2 million barrels of oil equivalent. In addition, it provides administrative services. United Energy Group Limited is based in Admiralty, Hong Kong.

1,111 Employees
Last Reported Date: 08/27/15

united energy group ltd (467) Top Compensated Officers

Executive Chairman and Managing Director
Total Annual Compensation: $4.9M
Executive Director, Member of Remuneration Co...
Total Annual Compensation: $189.0K
Compensation as of Fiscal Year 2014.

united energy group ltd (467) Key Developments

United Energy Group Limited Provides Preliminary Impairment Guidance for the Year Ended 31 December 2015

United Energy Group Limited provided preliminary impairment and earnings guidance for the financial year ending 31 December 2015. The company announced that, based on the preliminary oil reserve report and preliminary valuation report currently available to the Board, it is expected that the oil exploitation rights of Liaohe EOR Project in China is to record a non-cash accounting impairment losses of approximately HKD 3,028 million (approximately equivalent to USD 388 million) for the year ended 31 December 2015. Such non-cash accounting impairment loss occurred as a result of the significant decline of oil price in the international commodity market in 2015 and strategic reduction in capital expenditure for the production of oil in view of the outlook under the preliminary development plan. In addition, based on the preliminary assessment of the unaudited management accounts of the group for the year ended 31 December 2015, the group is also expected to recognize a non-cash accounting impairment loss of HKD 1,622 million (approximately equivalent to USD 208 million) principally due to dry wells and non-productive fields issue.

United Energy Group Limited Provides Group Earnings and Impairment Guidance for the Financial Year Ending 31 December 2015

United Energy Group Limited provided group earnings and impairment guidance for the financial year ending 31 December 2015. The group is expected to record a loss for the financial year ending 31 December 2015 as compared to that of last financial year. The board anticipates that the loss is mainly attributable to possible recognition of a relatively large non-cash accounting impairment loss on the oil exploitation rights of Liaohe EOR Project in China, principally due to: significant decline of oil price in the international commodity market in 2015 and the strategic reduction in capital expenditure for the production of oil in view of the outlook under the preliminary development plan. The group is also expected to recognize a non-cash accounting impairment loss due to dry wells issue. As at the date hereof, the group is still ascertaining the amount of the accounting impairment loss for the year ending 31 December 2015 which is subject to finalization of oil reserve report and valuation report. Further announcement on the accounting impairment loss to the group will be made before the publication of the final results announcement of the company for the year ending 31 December 2015 if required.

United Energy Group Limited Announces Unaudited Consolidated Production Results for the Third Quarter of Financial Year 2015

United Energy Group Limited announced unaudited consolidated production results for the third quarter of financial year 2015. The Group recorded an average daily net production of approximately 67,988 boed, 33.7% increase compared to the third quarter of financial year 2014.

 

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Valuation 467 Industry Range
Price/Earnings 2.6x
Price/Sales 0.8x
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Price/Cash Flow 2.6x
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