Last checked at 23 Feb 2021 12:36
/+United Oil & Gas PLC / Index: AIM / Epic: UOG / Sector: Oil & Gas
23 February 2021
United Oil and Gas plc
("United" or "the Company")
ASH-3 Well Test Update
United Oil & Gas PLC (AIM: "UOG"), the growing oil and gas company with a portfolio of production, development, exploration and appraisal assets, is pleased to provide the following update on the testing of the ASH-3 development well in the Abu Sennan concession, onshore Egypt. United holds a 22% non-operating interest in Abu Sennan, which is operated by Kuwait Energy Egypt.
Highlights
· Preliminary results from the ASH-3 well-test indicate a maximum flow rate of 6,379 bopd and 6.7 mmscf/d (c. 7,720 boepd gross; 1,700 boepd net) from the Alam El Bueib ("AEB") reservoir during well-testing on a 64/64" choke
· On a reduced, 30/64" choke, expected to be more representative of the producing flow rates, the well flowed at 3,561 bopd and 2.9 mmscf/d (c. 4,140 boepd gross; 910 boepd net)
· The well is expected to be brought onstream in the coming days
ASH-3 Well
The ASH-3 development well, a step-out development well in the ASH Field, spudded on the 4th January, and reached a total depth (TD) of 4,087m MD (3,918m TVDSS) on 8th February, ahead of schedule and under budget. Logging indicates a gross hydrocarbon column of 59m in the primary AEB reservoir target, 27.5m of which is estimated to be net pay.
ASH-3 was successfully tested from the targeted AEB Formation, and preliminary results indicate maximum flow rates of 6,379 bopd and 6.7 mmscf/d (c. 7,720 boepd gross; 1,700 boepd net working interest) on a 64/64" choke. Rates of 3,561 bopd and 2.9 mmscf/d (c. 4,140 boepd gross; 910 boepd net working interest) were achieved on a reduced 30/64" choke, and in line with prudent reservoir management, these rates are expected to be more representative of the sustainable flow levels that will be achieved when the well is brought onstream through the existing ASH facilities.
The ED-50 rig will now move to the north of the Licence, close to the producing Al Jahraa field to commence the drilling of the ASD-1X exploration well. This well is targeting the Abu Roash reservoirs in the Prospect D structure and, if successful, can quickly be brought into production.
United Chief Executive Officer, Brian Larkin commented:
"The ASH Field continues to out-perform our estimates and following on from the success of the 2020 drilling programme, this is another excellent drilling result that demonstrates its significant growth potential. This result is a very positive development for the Abu Sennan partnership as a whole, and, when brought on production over the coming days, ASH-3 will provide a significant boost to the concession-wide production rates that averaged 10,500 boepd gross (2,310 boepd net) during January 2021.
"We look forward to the spudding of the forthcoming exploration well and the remainder of our 2021 work program."
**ENDS**
Jonathan Leather, an Executive Director of the Company, who has over 20 years of relevant experience in the oil and gas industry, has reviewed and approved the information contained in this announcement. Dr Jonathan Leather is a qualified person as defined in the guidance note for Mining Oil & Gas Companies of the London Stock Exchange and is a member of the Petroleum Exploration Society of Great Britain and the Society of Petroleum Engineers.
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR").
Glossary:
Boepd - barrels of oil equivalent per day
Bopd - barrels of oil per day
Mmscf/d - million standard cubic feet of gas per day
MD - Measured Depth
TVDSS - Total Vertical Depth Subsea
United Oil & Gas Plc (Company) |
|
Brian Larkin, CEO | brian.larkin@uogplc.com |
Beaumont Cornish Limited (Nominated Adviser) | |
Roland Cornish and Felicity Geidt | +44 (0) 20 7628 3396 |
Optiva Securities Limited (Joint Broker) | |
Christian Dennis | +44 (0) 20 3137 1902 |
Cenkos Securities Plc (Joint Broker) | |
Joe Nally (Corporate Broking) Derrick Lee and Pete Lynch | +44 (0) 20 7397 8900 +44 (0) 131 220 6939 |
Murray (PR Advisor) | +353 (0) 87 6909735 |
Joe Heron | jheron@murrayconsultants.ie |
Camarco (Financial PR/IR) | |
Billy Clegg Georgia EdmondsJames Crothers | +44 (0) 20 3757 4983 uog@camarco.co.uk |
Notes to Editors
United Oil & Gas is a high growth oil and gas company with a portfolio of low-risk, cash generative production, development, appraisal and exploration assets across Egypt, UK, Italy and a high impact exploration licence in Jamaica.
The business is led by an experienced management team with a strong track record of growing full cycle businesses, partnered with established industry players and is well positioned to deliver future growth through portfolio optimisation and targeted acquisitions.
United Oil & Gas is listed on the AIM market of the London Stock Exchange. For further information on United Oil and Gas please visit https://www.uogplc.com/