Last checked at 21 Sep 2021 07:00
United Oil & Gas PLC / Index: AIM / Epic: UOG / Sector: Oil & Gas
21 September 2021
United Oil and Gas plc
("United" or "the Company")
ASX-1X Well & 2022 Egyptian Drilling Programme 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 announce an update on the drilling of the ASX-1X exploration well in the Abu Sennan licence, onshore Egypt.
Highlights
- ASX-1X exploration well encountered at least 10m net pay in a number of oil-bearing reservoirs
- Completion of the well and well-testing is now planned, and if successful, will be followed by an application to the Egyptian General Petroleum Corporation ("EGPC") for a development lease
The ASX-1X well is located 7km to the north of the producing Al Jahraa Field. It safely reached a Total Depth of 4,272m, several days ahead of schedule and under-budget.
Preliminary interpretations suggest the well encountered at least 10m net pay across a number of reservoir intervals, including the primary reservoir targets of the Abu Roash Formation. Evaluation of the well data is continuing, and a comprehensive plan for testing and completing the well is now planned. If successful, this will be followed by an application to EGPC for a development lease.
The ASX-1X well was drilled by the EDC-50 rig. It is the second exploration well to be drilled in 2021, adding to our subsurface understanding, and providing further confidence in the exploration potential of the Abu Sennan licence.
2022 Drilling Programme
As part of the long-term planning to realise the full potential of the Abu Sennan licence, the Company met the operator recently to discuss an indicative drilling programme for 2022 and beyond. This programme will include development wells to maintain production and exploration wells that have the potential to deliver large reserve and production upside, starting with an initial programme of four wells in 2022. The planned investment demonstrates the exciting future potential that is recognised within Abu Sennan. We look forward to building on the impressive returns to date and maximising output from this licence in the years to come.
United holds a 22% working interest in the Abu Sennan licence, which is operated by Kuwait Energy Egypt
United's Chief Executive Officer, Brian Larkin commented:
"Today's announcement is the fourth positive well result from Abu Sennan in 2021. With the well testing set to begin shortly, we look forward to understanding the full potential of the ASX-1X well.
This is the second exploration well drilled in 2021 on Abu Sennan and gives us further confidence in the value of the remaining exploration potential of the licence. We are also pleased to be planning the drilling campaign for next year and beyond.
Plans are continuing to progress on finalising the additional development well that has been added to the 2021 drilling programme. The continued investment in Abu Sennan by the JV partners is testament to the potential which exists within the licence, and we look forward to updating shareholders as we receive further results from the continuing 2021 campaign."
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") as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018 ("UK MAR").
United Oil & Gas Plc (Company) | |
Brian Larkin, CEO Sharan Dhami, Head of IR & ESG | brian.larkin@uogplc.com sharan.dhami@uogplc.com
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Beaumont Cornish Limited (Nominated Adviser)
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Roland Cornish and Felicity Geidt | +44 (0) 20 7628 3396 |
Optiva Securities Limited (Broker) | |
Christian Dennis | +44 (0) 20 3137 1902 |
Murray (PR Advisor) | +353 (0) 87 6909735 |
Joe Heron | jheron@murrayconsultants.ie |
Camarco (Financial PR/IR) | |
Billy Clegg James Crothers Tessa Gough-Allen | +44 (0) 20 3757 4983 uog@camarco.co.uk |
Enquiries
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 www.uogplc.com