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United Oil & Gas PLC - oil and gas explorer - Announces the spudding of the ASD-1X exploration well in the Abu Sennan licence in Egypt on Saturday last week.
The well is expected to take 60 days to drill and will be funded from operational cash flow. The drilling will target the sandstone reservoirs of the Abu Roash C and E, with the Abu Roash G reservoir being a secondary target.
"There is considerable exploration potential in the Abu Sennan licence, and it is great to be actively drilling wells to unlock that potential. We are delighted that the ASD-1X exploration well has been spudded and look forward to updating shareholders once the well has reached the target reservoirs," notes Chief Executive Officer Brian Larkin.
Current stock price: 4.50 pence, closed up 4.1% on Monday
Year-to-date change: up 51%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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