United Oil & Gas PLC ASX-1X Well & 2022 Egyptian Drilling Programme (3811M)
September 21 2021 - 2:00AM
UK Regulatory
TIDMUOG
RNS Number : 3811M
United Oil & Gas PLC
21 September 2021
United Oil & Gas PLC / Index: AIM / Epic: UOG / Sector: Oil
& Gas
21 September 2021
United Oil and Gas plc
("United" or "the Company")
ASX-1X Well & 2022 Egyptian Drilling Programme 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 announce an update on the
drilling of the ASX-1X exploration well in the Abu Sennan licence,
onshore Egypt.
Highlights
- ASX-1X exploration well encountered at least 10m net pay in a
number of oil-bearing reservoirs
- Completion of the well and well-testing is now planned, and if
successful, will be followed by an application to the Egyptian
General Petroleum Corporation ("EGPC") for a development lease
The ASX-1X well is located 7km to the north of the producing Al
Jahraa Field. It safely reached a Total Depth of 4,272m, several
days ahead of schedule and under-budget.
Preliminary interpretations suggest the well encountered at
least 10m net pay across a number of reservoir intervals, including
the primary reservoir targets of the Abu Roash Formation.
Evaluation of the well data is continuing, and a comprehensive plan
for testing and completing the well is now planned. If successful,
this will be followed by an application to EGPC for a development
lease.
The ASX-1X well was drilled by the EDC-50 rig. It is the second
exploration well to be drilled in 2021, adding to our subsurface
understanding, and providing further confidence in the exploration
potential of the Abu Sennan licence.
2022 Drilling Programme
As part of the long-term planning to realise the full potential
of the Abu Sennan licence, the Company met the operator recently to
discuss an indicative drilling programme for 2022 and beyond. This
programme will include development wells to maintain production and
exploration wells that have the potential to deliver large reserve
and production upside, starting with an initial programme of four
wells in 2022. The planned investment demonstrates the exciting
future potential that is recognised within Abu Sennan. We look
forward to building on the impressive returns to date and
maximising output from this licence in the years to come.
United holds a 22% working interest in the Abu Sennan licence,
which is operated by Kuwait Energy Egypt
United's Chief Executive Officer, Brian Larkin commented:
"Today's announcement is the fourth positive well result from
Abu Sennan in 2021. With the well testing set to begin shortly, we
look forward to understanding the full potential of the ASX-1X
well.
This is the second exploration well drilled in 2021 on Abu
Sennan and gives us further confidence in the value of the
remaining exploration potential of the licence. We are also pleased
to be planning the drilling campaign for next year and beyond.
Plans are continuing to progress on finalising the additional
development well that has been added to the 2021 drilling
programme. The continued investment in Abu Sennan by the JV
partners is testament to the potential which exists within the
licence, and we look forward to updating shareholders as we receive
further results from the continuing 2021 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") as it forms
part of UK Domestic Law by virtue of the European Union
(Withdrawal) Act 2018 ("UK MAR").
United Oil & Gas Plc (Company)
Brian Larkin, CEO brian.larkin@uogplc.com
Sharan Dhami, Head of IR & ESG sharan.dhami@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
James Crothers uog@camarco.co.uk
Tessa Gough-Allen
Enquiries
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 www.uogplc.com
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