Last checked at 27 Jan 2022 07:01
United Oil & Gas PLC / Index: AIM / Epic: UOG / Sector: Oil & Gas
27 January 2022
United Oil and Gas Plc
("United" "the Group" or the "Company")
Commencement of the 2022 Egypt drilling programme
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 the spudding of the ASD-2 development well in the Abu Sennan licence, onshore Egypt. United holds a 22% working interest in the licence, which is operated by Kuwait Energy Egypt (KEE).
Highlights
· 2022 Abu Sennan drilling campaign has commenced with the spud of the ASD-2 development well
· ASD-2 is the first well in a fully funded four well drilling campaign
· The well is a follow-up to the commercial discovery that was made by the ASD-1X exploration well in 2021
· It will target potential gross upside volumes of 5.5 mmbbls STOIIP (operator's estimate) in the Abu Roash C reservoir
Following mobilisation of the ECDC-6 rig to site, the Company is pleased to note that KEE have notified the Joint Venture partners that the 2022 drilling programme has now commenced with the ASD-2 development well.
This well is a follow-up to the successful ASD-1X exploration well drilled in 2021 which was a commercial discovery and tested the Lower Bahariya and ARC reservoirs. ASD-2 is targeting the north-western culmination of the ASD structure and will seek to prove up the gross upside volumes in the Abu Roash C reservoir, estimated by the Operator at 5.5 mmbbls, STOIIP, accelerate production from the field, and test a secondary target in the Abu Roash E reservoir. The well can be quickly tied into existing facilities, adding additional production and revenue for the Company
The ASD-2 well is the first well in the fully funded four well Abu Sennan 2022 drilling programme.
**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.
This announcement contains inside information for the purposes of Article 7 of Regulation 2014/596/EU which is part of domestic UK law pursuant to the Market Abuse (Amendment) (EU Exit) regulations (SI 2019/310).
Glossary:
bopd barrels of oil per day
boepd - barrels of oil equivalent per day
mmbbls million barrels of oil
STOIIP - Stock-tank oil initially in place
Enquiries |
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United Oil & Gas Plc (Company) |
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Brian Larkin, CEO | brian.larkin@uogplc.com |
Sharan Dhami, Head of IR & ESG | sharan.dhami@uogplc.com |
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Beaumont Cornish Limited (Nominated Adviser) | +44 (0) 20 7628 3396 |
Roland Cornish and Felicity Geidt |
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Optiva Securities Limited (Joint Broker) | +44 (0) 20 3137 1902 |
Christian Dennis
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Tennyson Securities (Joint Broker) |
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Peter Krens | +44 (0) 020 7186 9030
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Camarco (Financial PR/IR) | +44 (0) 20 3757 4983
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Billy Clegg | James Crothers | Tessa Gough-Allen | 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 www.uogplc.com