United Oil & Gas PLC - London-based oil & gas company - Says testing of Al Jahraa-8 development well in Abu Sennan concession, onshore Egypt, reveals maximum flow rate of 2,093 barrels of oil per day and 3.63 million standard cubic feet per day on a 64/64 inch choke.
On a more constrained choke, there was a rate of 1,189 bopd and 1.22 million cubic feet per day.
The test results exceed pre-drill expectations, and the well will be brought into production in the coming days.
"We will now work with our partners to bring the well on stream in the coming days, at a rate which will maximise the long-term production and contribute to our low cost production base. We will move ahead to spud the ASX-1X exploration well, the next step in our plans to further realise the value of this exceptional licence," said Chief Executive Officer Brian Larkin.
Current stock price: 3.70 pence, down 3.9%
Year-to-date change: up 24%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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United Oil&gas (UOG)