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(Sharecast News) - United Oil & Gas announced the spudding of the Al Jahraa-14 development (AJ-14) well in the Abu Sennan licence, onshore Egypt on Tuesday.
The AIM-traded well said frilling of the well had started, with it primarily targeting the main producing c Abu Roash C (ARC) reservoir on the Al Jahraa Field, with a secondary target in the Abu Roash G (ARG).
It said the well was expected to take about 60 days to drill and complete, and was fully funded from operational cash flow.
On completion of drilling, AJ-14 was expected to be brought into production "rapidly", the company added.
"We look forward to continuing the 2022 drilling programme with the spudding of the AJ-14 development well, the third of five wells expected to be drilled this year," said chief executive officer Brian Larkin.
"As we have shown, successful development wells can be brought into production within days via existing infrastructure, adding production and revenue to the company and with a typical well achieving payback within several months.
"Egypt offers a low-cost operating environment, with attractive fiscal terms and continues to deliver positive operating cash flow to United."
At 1317 BST, shares in United Oil & Gas were up 7.78% at 1.94p.
Reporting by Josh White at Sharecast.com.
