United Oil & Gas PLC Spudding of the ASX-1X exploration well, Egypt (6731I)
August 16 2021 - 2:00AM
UK Regulatory
TIDMUOG
RNS Number : 6731I
United Oil & Gas PLC
16 August 2021
United Oil & Gas PLC / Index: AIM / Epic: UOG / Sector: Oil
& Gas
16 August 2021
United Oil and Gas plc
("United" or "the Company")
Spudding of the ASX-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
ASX-1X exploration well in the Abu Sennan Licence (the "Licence"),
Egypt on 14 August. United holds a 22% working interest in the
Licence, which is operated by Kuwait Energy Egypt.
Highlights:
-- Drilling of the ASX-1X exploration well commenced on 14 August 2021
-- The well is located c. 7km to the north of the producing Al
Jahraa field and will test a number of stacked reservoir
targets
-- In a success-case scenario, the well is expected to take up
to 54 days to drill, test and complete
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 our second
exploration well this year to further unlock that potential. We are
delighted that the ASX-1X exploration well has been spudded and
look forward to updating shareholders once the well has reached the
target reservoirs."
ASX-1X Exploration Well
ASX-1X is a vertical exploration well, located c. 7km to the
north of the producing Al Jahraa Field. The well is targeting a
similar structure to the nearby discovery that was recently made at
ASD-1X, with primary targets in the Abu Roash C and E reservoirs,
and secondary targets in the deeper Bahariya and shallower Khoman
Formations.
The ASX prospect had always ranked highly for United among the
identified exploration targets in Abu Sennan, and with the
de-risking provided by the positive result at ASD-1X only 11km
away, and the short timeframe in which that discovery was put into
production, the ASX-1X prospect has become a prioritised
target.
The ASX-1X is expected to be the final well of the 2021
campaign, with longer-term plans for unlocking the additional
potential in the Abu Sennan licence currently under discussion.
**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
Sharan Dhami, Head of Investor Relations sharan.dhami@uogplc.com
& ESG
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
James Crothers uog@camarco.co.uk
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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