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(Alliance News) - United Oil & Gas PLC on Thursday reported that consistent flow rates "have yet to be established" at its Al Jahraa-14 well.
The oil and gas company operating in Egypt, Italy and UK holds a 22% working interest in the Abu Sennan licence, in which the Al-Jahraa-14 well is situated. The Abu Sennan well is in the Western Desert of Egypt.
United said that while oil has been recovered to the surface for testing, bore-hole formation damage has prevented consistent flow rates.
The London-based company expects it will be able to establish commercial flow-rates in line with pre-drill expectations once the bore-hole issues are addressed.
United also reported the beginning of drilling at the ASH-4 development well. ASH-4 is the fourth well in the 2022 Abu Sennan programme. It is a "high impact" development well targeting 2.2 million barrels of oil at the "prolific" Alam El Bueib reservoir. It is expected to take 55 days to drill and complete and is fully funded by operational cashflow.
ASH-4 is expected to be brought rapidly into production on completion of the drilling.
Chief Executive Officer Brian Larkin said: "The ASH-4 development well has the potential to be an important well for United from both a production and reserves perspective as it is targeting one of the most prolific reservoirs in Abu Sennan. Working with an experienced Operator on a licence that is well understood, we look forward to drilling the ASH-4 development well."
"On AJ-14, we are confident that the stimulation programme, which has delivered positive outcomes on other wells on the field, will result in consistent flow rates in the region of 300 bopd gross and the well being quickly brought into production to generate revenue and additional cashflow," he added.
Shares in United were trading 0.3% higher at 1.73 pence each in London on Thursday at midday but traded as low as 1.50 pence in the morning, down 13% on its Wednesday closing price.
By Chris Dorrell; chrisdorrell@alliancenews.com
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