TIDMUOG
RNS Number : 0710Q
United Oil & Gas PLC
23 February 2021
/+United Oil & Gas PLC / Index: AIM / Epic: UOG / Sector:
Oil & Gas
23 February 2021
United Oil and Gas plc
("United" or "the Company")
ASH-3 Well Test 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 testing of the ASH-3 development 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
-- Preliminary results from the ASH-3 well-test indicate a
maximum flow rate of 6,379 bopd and 6.7 mmscf/d (c. 7,720 boepd
gross; 1,700 boepd net) from the Alam El Bueib ("AEB") reservoir
during well-testing on a 64/64" choke
-- On a reduced, 30/64" choke, expected to be more
representative of the producing flow rates, the well flowed at
3,561 bopd and 2.9 mmscf/d (c. 4,140 boepd gross; 910 boepd
net)
-- The well is expected to be brought onstream in the coming days
ASH-3 Well
The ASH-3 development well, a step-out development well in the
ASH Field, spudded on the 4(th) January, and reached a total depth
(TD) of 4,087m MD (3,918m TVDSS) on 8(th) February, ahead of
schedule and under budget. Logging indicates a gross hydrocarbon
column of 59m in the primary AEB reservoir target, 27.5m of which
is estimated to be net pay.
ASH-3 was successfully tested from the targeted AEB Formation,
and preliminary results indicate maximum flow rates of 6,379 bopd
and 6.7 mmscf/d (c. 7,720 boepd gross; 1,700 boepd net working
interest) on a 64/64" choke. Rates of 3,561 bopd and 2.9 mmscf/d
(c. 4,140 boepd gross; 910 boepd net working interest) were
achieved on a reduced 30/64" choke, and in line with prudent
reservoir management, these rates are expected to be more
representative of the sustainable flow levels that will be achieved
when the well is brought onstream through the existing ASH
facilities.
The ED-50 rig will now 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 Prospect D structure and, if successful, can
quickly be brought into production.
United Chief Executive Officer, Brian Larkin commented:
"The ASH Field continues to out-perform our estimates and
following on from the success of the 2020 drilling programme, this
is another excellent drilling result that demonstrates its
significant growth potential. This result is a very positive
development for the Abu Sennan partnership as a whole, and, when
brought on production over the coming days, ASH-3 will provide a
significant boost to the concession-wide production rates that
averaged 10,500 boepd gross (2,310 boepd net) during January
2021.
"We look forward to the spudding of the forthcoming exploration
well and the remainder of our 2021 work program."
**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
Bopd - barrels of oil per day
Mmscf/d - million standard cubic feet of gas 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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