United Oil & Gas PLC Spudding of the ASD-1X exploration well, Egypt (4095R)
March 08 2021 - 2:00AM
UK Regulatory
TIDMUOG
RNS Number : 4095R
United Oil & Gas PLC
08 March 2021
United Oil & Gas PLC / Index: AIM / Epic: UOG / Sector: Oil
& Gas
8 March 2021
United Oil and Gas plc
("United" or "the Company")
Spudding of the ASD-1X exploration 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
ASD-1X exploration well in the Abu Sennan Licence (the "Licence"),
Egypt on 6 March. United holds a 22% working interest in the
Licence, which is operated by Kuwait Energy Egypt.
Highlights:
-- Drilling of the ASD-1X exploration well, which will test a
number of stacked reservoir targets, has commenced
-- The well will take up to 60 days to drill and is funded entirely from operational cash flow
ASD-1X is a vertical exploration well, located 12km to the
north-east of the producing Al Jahraa Field and primarily targeting
the sandstone reservoirs of the Abu Roash "C" and "E", with the Abu
Roash "G" reservoir providing a secondary target. The targeted
reservoirs are expected to be encountered between 3,000m and 3,500m
measured depth.
The well will be drilled by the EDC-50 rig, which recently
completed the successful ASH-3 development well ahead of schedule
and under-budget. It is anticipated that the ASD-1X well will take
up to 60 days to drill and complete; if successful the well can
rapidly be placed on production through existing
infrastructure.
ASD-1X is the second well to be drilled in the 2021 campaign,
which is entirely funded from operational cashflow. Subject to
final approvals, the joint venture partnership has now agreed a
third well for 2021, the AJ-8 development well, which was
originally scheduled for 2020 and deferred due to the lower oil
price environment. This well will target the Abu Roash and Bahariya
reservoirs in an undrained area of the Al Jahraa Field and will be
drilled by the EDC-50 rig after completion of ASD-1X.
United's Chief Executive Officer, Brian Larkin commented:
"There is considerable exploration potential in the Abu Sennan
licence, and it is great to be actively drilling wells to unlock
that potential. We are delighted that the ASD-1X exploration well
has been spudded and look forward to updating shareholders once the
well has reached the target reservoirs.
"The improving oil price environment of recent months has
significantly enhanced operational cashflows and improved the
economics of additional development wells so it is also very
pleasing to have confirmation of the drilling of the AJ-8
development well immediately after completion of ASD-1X."
**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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