Last checked at 19 Apr 2022 07:00
United Oil & Gas PLC / Index: AIM / Epic: UOG / Sector: Oil & Gas
19 April 2022
United Oil and Gas Plc
("United" "the Group" or the "Company")
Q1 2022 Production & Drilling of ASV-1X Well
United Oil & Gas PLC the growing oil and gas company with a portfolio of production, development, exploration and appraisal assets announces a quarterly production update for the first quarter (Q1) of 2022.
· Q1 2022 production averaged 1,567 boepd (1,267 bopd oil and 300 boepd gas) net to United, in line with H1 2022 guidance of 1,500-1,650 boepd
· The first well in the 2022 drilling campaign, the ASD-2 development well, started production at the end of March
· ASV-1X exploration well has commenced drilling; this is the second well of the five-well 2022 drilling campaign
All of United's production for the period was from United's 22% non-operating interest in the Abu Sennan licence, Egypt, which is operated by Kuwait Energy Egypt (KEE). This data will vary quarter on quarter as development, appraisal and exploration operations continue.
The ASV-1X exploration well commenced drilling on the 14 April targeting mean recoverable resources estimated by United at c.2.6 mmbbls gross. The primary targets are sandstone Abu Roash "C" (ARC) reservoirs, similar to those currently in production at the Al Jahraa field. The target for this well is in a fault-bounded structure in the east of the licence. This is the largest undrilled ARC structure on the Abu Sennan licence. The ARC is currently in production from a number of fields (Al Jahraa, ASZ, ASX, ASD, El Salmiya) along a proven trend in the north of the licence area. Success in this reservoir at ASV-1X would extend the play to the south and east, potentially de-risking additional prospects in this area for future drilling targets. The well will also penetrate the Kharita reservoir as a stacked secondary target. The well is expected to be drilled and completed in approximately two months.
United will be releasing its results for the full year ending 31 December 2021 on the 26 April 2022.
**ENDS**
Glossary:
bopd - barrels of oil per day
boepd - barrels of oil equivalent per day
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).
Enquiries
| |
United Oil & Gas Plc (Company) | |
Brian Larkin, CEO | brian.larkin@uogplc.com |
Sharan Dhami, Head of IR & ESG | sharan.dhami@uogplc.com |
Beaumont Cornish Limited (Nominated Adviser) | |
Roland Cornish | Felicity Geidt | +44 (0) 20 7628 3396 |
Optiva Securities Limited (Joint Broker) | |
Christian Dennis | +44 (0) 20 3137 1902 |
Tennyson Securities (Joint Broker) | |
Peter Krens | +44 (0) 020 7186 9030 |
Camarco (Financial PR) | |
Billy Clegg | James Crothers | Tessa Gough-Allen | +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, development, appraisal and exploration assets across Egypt, UK 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