United Oil & Gas PLC Spudding of the ASH-3 development well, Egypt (5232K)
January 05 2021 - 2:00AM
UK Regulatory
TIDMUOG
RNS Number : 5232K
United Oil & Gas PLC
05 January 2021
United Oil & Gas PLC / Index: AIM / Epic: UOG / Sector: Oil
& Gas
5 January 2021
United Oil and Gas plc
("United" or "the Company")
Spudding of the ASH-3 development well, 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 announce the spudding of the
ASH-3 well in the Abu Sennan Licence (the "Licence"), Egypt on 4
January. United holds a 22% working interest in the Licence, which
is operated by Kuwait Energy Egypt.
ASH-3 is a vertical well targeting the producing Alam El Bueib
("AEB") reservoirs at a depth of 3,600 to 3,950m in an area of the
ASH field, up-dip of the ASH-2 production well. The ASH-2 well came
onstream at the beginning of 2020 and has produced in excess of 1
million barrels to date (gross) with current rates of c. 4,500
barrels of oil per day on a 48/64" choke (gross).
The ASH-3 well will be drilled by the EDC-50 rig, which has a
history of drilling in the Western Desert. It is anticipated that
the ASH-3 well will take up to 60 days to drill and test.
The ASH-3 development well is the first to be drilled in the
2021 campaign, and is to be funded from operational cashflow. The
second well in the drilling schedule will be the ASD-1X exploration
well, targeting the Abu Roash reservoirs in the 4-way dip-closed
Prospect D structure in the north of the Licence, close to the
producing Al Jahraa field and if successful is capable of being
brought into production quickly. The historic drilling success rate
on the Licence is c. 80%.
United's Chief Executive Officer, Brian Larkin commented:
"We are delighted that the ASH-3 well has been spudded, and look
forward to updating the market in due course, once the well has
reached the target reservoirs. There is clearly great potential in
the ASH Field, and if the outstanding success that was achieved in
the ASH-2 well can be replicated here, it will be a fantastic
result for the joint venture partners.
"It is equally pleasing for the joint venture to be back
drilling in Egypt again, after the deferral of the majority of the
2020 drilling programme due to the low oil price environment, and
we look forward to the drilling of further wells as part of our
2021 campaign, including the ASD-1X exploration well, that will
follow after completion of ASH-3."
**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 (Joint
Broker)
Christian Dennis +44 (0) 20 3137 1902
Cenkos Securities Plc (Joint Broker)
Joe Nally (Corporate Broking) +44 (0) 20 7397 8900
Derrick Lee and Pete Lynch +44 (0) 131 220 6939
Murray (PR Advisor) +353 (0) 87 6909735
Joe Heron jheron@murrayconsultants.ie
Camarco (Financial PR/IR)
Billy Clegg +44 (0) 20 3757 4983
Georgia Edmonds uog@camarco.co.uk
James Crothers
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/
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END
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