By Joe Hoppe
United Oil & Gas PLC shares fell Monday after it said it has lowered its full-year production guidance for the Abu Sennan license in Egypt, as the proportion of water to oil increased in one field.
Shares at 0714 GMT were down 0.48 pence, or 14%, at 2.85 pence.
The oil-and-gas company said it has lowered full-year guidance for the license to a range of 2,100-2,300 barrels of oil equivalent per day, from 2,500-2700 barrels.
The company said the ASH field–one of seven on the license–has had an increased proportion of water to oil being....More>>>