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(Alliance News) - United Oil & Gas PLC shares were up 24% on Wednesday as it rounded off the year with positive results from its 2021 drilling programme.
United announced that all five wells in its drill programme had been successfully drilled at the Abu Sennan licence in Egypt.
The oil and gas company, which has assets in Egypt, the UK, Italy and Jamaica, said its Al Jahraa-13 well - the final in its 2021 drilling programme - had safely reached a target depth of 3,840 metres and encountered 17.5 metres of net oil pay across the upper and lower Bahariya reservoir targets.
This came several days ahead of schedule and under budget, United added, and has put the well in position to be brought on stream in the coming days.
The discovery of commercial net pay at AJ-13 makes it the seventh successful well in a row at Abu Sennan since United acquired its interest in the licence in early 2020.
Chief Executive Brian Larkin said that all of United's wells were brought into production quickly and had thus generated cash flow for the company as well as further de-risking the exploration potential at Abu Sennan.
United currently holds a 22% working interest in the Abu Sennan licence which is operated by Kuwait Energy Egypt.
Moving forward, Larkin added that the success of these development wells had provided further valuable data for future exploration drill targets, two of which are included in the 2022 programme: ASF-1X and AST-1X.
Shares in United Oil & Gas were up 24% at 2.78 pence on Wednesday in London.
By Heather Rydings; heatherrydings@alliancenews.com
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