United Oil & Gas PLC Discovery at ASD-1X Well, Abu Sennan, Egypt (4517U)
April 06 2021 - 2:00AM
UK Regulatory
TIDMUOG
RNS Number : 4517U
United Oil & Gas PLC
06 April 2021
United Oil & Gas PLC / Index: AIM / Epic: UOG / Sector: Oil
& Gas
6 April 2021
United Oil and Gas plc
("United" or "the Company")
Discovery at ASD-1X Well, Abu Sennan Concession, 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 provide the following update on
the drilling of the ASD-1X exploration well in the Abu Sennan
concession, onshore Egypt (the "Licence"). United holds a 22%
working interest in the Licence, which is operated by Kuwait Energy
Egypt.
Highlights:
-- Preliminary results suggest the ASD-1X exploration well
encountered a total of at least 22m net oil pay interpreted across
a number of reservoirs, including the Abu Roash C ("AR-C"), Abu
Roash E ("AR-E"), Lower Bahariya and Kharita Formations
-- Well-testing is now planned, and if successful, will be
followed by an application to Egyptian General Petroleum
Corporation ("EGPC") for a development lease over this new
discovery
The ASD-1X exploration well, located 12km to the north-east of
the producing Al Jahraa Field, safely reached Total Depth (TD) of
3,750m MD on 30 March, several days ahead of schedule and
under-budget.
Preliminary results suggest the well encountered a combined net
pay total of at least 22m across a number of reservoir intervals,
including the primary reservoir targets of the AR-C and AR-E, as
well as the Lower Bahariya and Kharita Formations. Completion of
the well and well-testing of these reservoirs is planned in the
coming weeks, and if successful, will lead to an application to
EGPC being made for a development lease over this new
discovery.
The well was drilled by the EDC-50 rig, which, after completion,
will move to the Al Jahraa Field within the Abu Sennan concession
to commence the drilling of the AJ-8 development well. This well
will target the Abu Roash and Bahariya reservoirs in an undrained
portion of the Al Jahraa field.
United's Chief Executive Officer, Brian Larkin commented:
"Today's announcement is another positive result from Abu
Sennan, which, initial interpretations suggest, is in line with our
pre-drill estimates. With the well testing set to begin shortly, we
look forward to understanding the full potential of the ASD-1X
well.
"A number of additional targets and leads have been identified
within the Abu Sennan concession and the results of ASD-1X and
other recent wells will better inform our understanding of the
acreage. We will continue to work with our JV partners to
prioritise these opportunities which can ultimately be brought into
production in short time frames.
"With the EDC-50 rig moving to drill the AJ-8 development well
after the completion of ASD-1X, we look forward to providing
further updates on the continuing 2021 Abu Sennan drilling
campaign."
**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 (Broker)
Christian Dennis +44 (0) 20 3137 1902
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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