(Alliance News) - United Oil & Gas PLC shares fell on Wednesday, as the firm shared disappointing news from its exploration well in Abu Sennan license, onshore Egypt.
The London-based oil and gas company said its comprehensive testing programme at the ASV-1X well has recovered no hydrocarbons so far.
Shares in UOG fell 3.2% to 1.50 pence in London on Wednesday morning.
The programme included over a week of testing with a sucker rod pump installed, UOG said.
The operator and partners now will review the test results, and consider the potential options and costs before making a final decision on the next steps for the well.
"While the failure to flow hydrocarbons from ASV-1X to date is not encouraging, the data gathered from the well test and drilling results will feed into optimising future drilling targets across the licence," said Chief Executive Officer Brian Larkin.
"We are now continuing with our active and fully funded Egypt drilling programme, with the AJ-14 development well which spud end-June and have two more wells to drill before we complete the 2022 drilling programme, including the ASF-1X exploration well targeting mean recoverable reserves of approx. 8 million barrels of oil equivalent gross."
By Elizabeth Winter; elizabethwinter@alliancenews.com
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United Oil&gas (UOG)