Last checked at 6 Apr 2021 07:00
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/