RE: RNS23 Mar 2022 12:31
From the RNS of 15 March 2022:
"We are really pleased with the result from the ASD-2 well, which provides a very positive start to the 2022 drilling campaign. Our production is highly leveraged to the current higher oil prices and oil/gas discoveries can be quickly brought on stream through existing facilities, generating immediate revenue for the Company. There remains significant potential within the Abu Sennan licence, and we are looking forward to drilling the upcoming ASV-1X exploration well. This well is targeting a United estimate of over 2.5 million barrels gross mean recoverable resources. The rig has been mobilised and we look forward to the well spudding in the coming weeks."
2.5m barrels gross mean recoverable. Even if $20 profit to UOG a barrel, that is double the current MC approx. 5p a share
DYOR