Because (bluntly Former FD is a bit thick)5 Sep 2022 12:35
take a look at the last development well announcement..
No doubts here, a decent result, but you are now approaching 5 times longer wait on this one... That is not normal for a development well within UOG's basin.
You can say whatever you like - but its true.. I suspect they have hit a technical issue, equally, it could be a "gusher" and they need additional equipment to safely bring it on stream and test the well parameters... But it is taking a very long time. Also over in Egypt the weekend is worked, so another 2 days have passed without an update.
Highlights
· The ASD-2 well has commenced production at an initial rate of c. 2,100 bopd gross (c.462 bopd net), significantly above pre-drill expectations
· An exceptionally short turnaround time of just six days from well completion to production and revenue generation for United