Last checked at 30 Dec 2020 07:00
United Oil & Gas PLC / Index: AIM / Epic: UOG / Sector: Oil & Gas
30 December 2020
United Oil and Gas plc
("United" or "the Company")
Completion of the ASH Gas Pipeline
· ASH gas pipeline completed on 27th December, contributing an additional 5.45 MMscf/d (1,090 boepd) gross
· Gas recovery rates improved across the Abu Sennan Licence (the "Licence")
· Environmental performance enhanced across the Licence
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 completion of the ASH gas pipeline in the Abu Sennan Licence, Egypt. United hold a 22% working interest in the Licence, which is operated by Kuwait Energy Egypt.
The ASH gas pipeline, which links the ASH Field to the existing gas processing facilities at El Salmiya, within the Abu Sennan Licence, was completed safely, on time and under budget in December and was successfully brought onstream on 27th December 2020. Over the last two days, the pipeline has delivered an average of 5.45MMscf/d of gas (1,090boepd) on a gross basis, equating to an additional 1.2MMscf/d (240 boepd) net to United's working interest). These initial flow rates are in line with United's expectations.
The delivery of the Ash Gas pipeline has not only increased the environmental efficiency of the Abu Sennan Licence, but has also increased gas recovery rates across the licence.
Further, with the gas pipeline online ahead of the completion of the ASH-3 well, any gas produced from that well can now be monetised more efficiently.
United Chief Executive Officer, Brian Larkin commented:
"Since United entered the Abu Sennan licence, the joint venture partners have made excellent progress in increasing production, not just through drilling activity but also through low capital expenditure on infrastructure development. We look forward to further progress in 2021 with the recommencement of drilling activities, starting with the ASH-3 development well."
**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
MMscf/d - million standard cubic feet per day
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 and development assets across Egypt, UK, Italy and a high impact exploration licence in Jamaica.
Led by an experienced management team with a strong track record of growing full cycle businesses and partnered with established industry players, the Company 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/