United Oil & Gas PLC - Dublin-based oil and gas company with assets in Egypt, the UK, Italy and Jamaica - Commences production from the ASD-2 development well in the Abu Sennan licence, onshore Egypt at an initial rate of 462 net barrels of oil per day, above pre-drill expectations.
Company has mobilised rig to drill the second well for the 2022 drilling programme, which is the ASV-1X exploration well.
"This is another fantastic drilling result, significantly above our pre-drill expectations. The ASD-2 well is the eighth consecutive successful well at Abu Sennan since we acquired the licence in 2020. The wells within Abu Sennan have an exceptionally short turnaround time between well completion and commencement of production - typically a matter of days for development wells. With our production being leveraged to the current higher oil prices, this additional production rapidly generates revenue and cashflow for United," says Chief Executive Officer Brian Larkin.
Current stock price: 2.81 pence, up 5.9%
12-month change: down 40%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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United Oil&gas (UOG)