United Oil & Gas PLC ASH - 3 Well Update (0273P)
February 15 2021 - 2:00AM
UK Regulatory
TIDMUOG
RNS Number : 0273P
United Oil & Gas PLC
15 February 2021
United Oil & Gas PLC / Index: AIM / Epic: UOG / Sector: Oil
& Gas
15 February 2021
United Oil and Gas plc
("United" or "the Company")
ASH-3 Well Update
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 ASH-3 well in the Abu Sennan concession,
onshore Egypt. United holds a 22% non-operating interest in Abu
Sennan, which is operated by Kuwait Energy Egypt.
Highlights
-- Total of 27.5m net pay interpreted over a 59m gross section
in the targeted Alem El Buieb (AEB) reservoir
-- Initial testing will be completed in the coming days before
the well is then brought onstream through the existing ASH Field
facilities
ASH-3 Well
The ASH-3 development well, which spudded on the 4(th) January,
reached TD of 4,087m MD (3,918m TVDSS) on 8(th) February, 5 days
ahead of schedule and under budget. The well, which has been
drilled as a step-out development well in the ASH Field, has been
logged and interpreted to have a 59m gross hydrocarbon column in
the primary AEB reservoir target, 27.5m of which is estimated to be
net pay.
The well will be tested and completed in the coming days and
will then be brought immediately onstream through the existing ASH
facilities, delivering a further uplift to production. The ED-50
rig will then move to the north of the Licence, close to the
producing Al Jahraa field to commence the drilling of the ASD-1X
exploration well. This well is targeting the Abu Roash reservoirs
in the 4-way dip-closed Prospect D structure and, if successful,
can quickly be brought into production.
The Company will make a further announcement once testing is
complete.
United Chief Executive Officer, Brian Larkin commented:
"We are very encouraged with the initial results of the ASH 3
well and we are delighted that it has been delivered safely, ahead
of schedule and under budget by our licence partners. We anticipate
the well will deliver a further uplift to our low cost production
base, an encouraging result ahead of the spudding of our
forthcoming exploration well and the remainder of our 2021 work,
all of which is fully funded from operating cash flow.
"To date the ASH Field has produced close to 2 million barrels
of oil, with current production rates at over 5,000 boepd, and we
believe significant further potential exists within the
licence."
**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
MD - Measured Depth
TVDSS - Total Vertical Depth Subsea
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, development,
appraisal and exploration assets across Egypt, UK, Italy 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 https://www.uogplc.com/
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END
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