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Pin to quick picksUnited Oil&gas Regulatory News (UOG)

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Discovery at ASD-1X Well, Abu Sennan, Egypt

6 Apr 2021 07:00

RNS Number : 4517U
United Oil & Gas PLC
06 April 2021
 

United Oil & Gas PLC / Index: AIM / Epic: UOG / Sector: Oil & Gas

 

6 April 2021

 

United Oil and Gas plc

("United" or "the Company")

 

Discovery at ASD-1X Well, Abu Sennan Concession, Egypt

 

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 drilling of the ASD-1X exploration well in the Abu Sennan concession, onshore Egypt (the "Licence"). United holds a 22% working interest in the Licence, which is operated by Kuwait Energy Egypt.

 

Highlights:

· Preliminary results suggest the ASD-1X exploration well encountered a total of at least 22m net oil pay interpreted across a number of reservoirs, including the Abu Roash C ("AR-C"), Abu Roash E ("AR-E"), Lower Bahariya and Kharita Formations

· Well-testing is now planned, and if successful, will be followed by an application to Egyptian General Petroleum Corporation ("EGPC") for a development lease over this new discovery

 

The ASD-1X exploration well, located 12km to the north-east of the producing Al Jahraa Field, safely reached Total Depth (TD) of 3,750m MD on 30 March, several days ahead of schedule and under-budget.

 

Preliminary results suggest the well encountered a combined net pay total of at least 22m across a number of reservoir intervals, including the primary reservoir targets of the AR-C and AR-E, as well as the Lower Bahariya and Kharita Formations. Completion of the well and well-testing of these reservoirs is planned in the coming weeks, and if successful, will lead to an application to EGPC being made for a development lease over this new discovery.

 

The well was drilled by the EDC-50 rig, which, after completion, will move to the Al Jahraa Field within the Abu Sennan concession to commence the drilling of the AJ-8 development well. This well will target the Abu Roash and Bahariya reservoirs in an undrained portion of the Al Jahraa field.

 

 

United's Chief Executive Officer, Brian Larkin commented:

 

"Today's announcement is another positive result from Abu Sennan, which, initial interpretations suggest, is in line with our pre-drill estimates. With the well testing set to begin shortly, we look forward to understanding the full potential of the ASD-1X well.

 

"A number of additional targets and leads have been identified within the Abu Sennan concession and the results of ASD-1X and other recent wells will better inform our understanding of the acreage. We will continue to work with our JV partners to prioritise these opportunities which can ultimately be brought into production in short time frames.

 

"With the EDC-50 rig moving to drill the AJ-8 development well after the completion of ASD-1X, we look forward to providing further updates on the continuing 2021 Abu Sennan drilling 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").

 

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 (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

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/ 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
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DRLFLFVASIIEIIL
Date   Source Headline
28th Mar 20227:00 amRNSCommencement of Production from the ASD-2 well
23rd Mar 202211:54 amRNSAGREEMENT OF CROWN DISPOSAL MILESTONE PAYMENT
15th Mar 20227:00 amRNSASD-2 Well Update
9th Mar 20229:06 amRNSSecond Price Monitoring Extn
9th Mar 20229:00 amRNSPrice Monitoring Extension
3rd Mar 20227:00 amRNSCorporate Update
27th Jan 20227:01 amRNSCommencement of 2022 Egypt drilling programme
27th Jan 20227:00 amRNSFY2021 TRADING & OPERATIONS UPDATE & 2022 GUIDANCE
24th Jan 20224:42 pmRNSSecond Price Monitoring Extn
24th Jan 20224:38 pmRNSPrice Monitoring Extension
13th Jan 20227:00 amRNSAJ-13 Well Results & Commencement of Production
29th Dec 20214:36 pmRNSPrice Monitoring Extension
29th Dec 20217:00 amRNSSuccessful Result at Al Jahraa-13 Well
14th Dec 20212:05 pmRNSSecond Price Monitoring Extn
14th Dec 20212:00 pmRNSPrice Monitoring Extension
7th Dec 20217:00 amRNSUpdate on Sale of UK Central North Sea Licence
24th Nov 20217:00 amRNSJamaica Licence Extension
16th Nov 20217:00 amRNSInvestor Evening - Monday 29 November 2021
12th Nov 20217:00 amRNSSpudding of the AJ-13 Development Well, Egypt
19th Oct 20212:28 pmRNSDirectors' Dealings
19th Oct 20217:00 amRNSCommencement of Production at ASX-1X Discovery
11th Oct 20217:00 amRNSQuarterly Production Report
4th Oct 202112:31 pmRNSUpdate on Crown disposal milestone payment
28th Sep 20217:00 amRNSInterim Results for the Half Year to 30 June 2021
21st Sep 20217:00 amRNSASX-1X Well & 2022 Egyptian Drilling Programme
7th Sep 20217:00 amRNSSPA Signed - UK Central North Sea Licences Sale
16th Aug 20217:00 amRNSSpudding of the ASX-1X exploration well, Egypt
10th Aug 20217:00 amRNSSale of UOG Italia Srl for Eur2.165 million
2nd Aug 20217:00 amRNSSuccessful Testing of Al Jahraa-8 Development Well
28th Jul 20217:00 amRNSProposed Sale of UK Central North Sea Licences
26th Jul 20217:00 amRNSH1 2021 Trading Statement and Operational Update
22nd Jul 20217:00 amRNSShareholder Call
19th Jul 20217:00 amRNSOperational Update Egypt
7th Jun 202111:19 amRNSHolding(s) in Company
2nd Jun 20217:00 amRNSAbu Sennan Update, Award of Development Lease
28th May 20213:00 pmRNSResult of AGM
21st May 20217:00 amRNSDirector/PDMR Shareholding
17th May 202111:06 amRNSSecond Price Monitoring Extn
17th May 202111:00 amRNSPrice Monitoring Extension
17th May 20219:05 amRNSSecond Price Monitoring Extn
17th May 20219:00 amRNSPrice Monitoring Extension
17th May 20217:00 amRNSExercise of Warrants, TVR & Directors Shareholding
4th May 20217:00 amRNSASD-1X Test and Notice of Commercial Discovery
26th Apr 202110:30 amRNSShareholder Call
26th Apr 20217:00 amRNSFinal Audited Results for 2020 and Notice of AGM
19th Apr 20217:00 amRNSNotice of Full Year 2020 Results
14th Apr 20217:00 amRNSMaterial Upgrade to Abu Sennan Reserves
12th Apr 20217:00 amRNSQuarterly Production Update
6th Apr 20217:01 amRNSEnvironmental Approval for Selva Gas Field
6th Apr 20217:00 amRNSDiscovery at ASD-1X Well, Abu Sennan, Egypt

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