TIDMUOG
RNS Number : 4477P
United Oil & Gas PLC
19 October 2021
United Oil & Gas PLC / Index: AIM / Epic: UOG / Sector: Oil
& Gas
19 October 2021
United Oil and Gas Plc
("United" "the Group" or the "Company")
Commencement of Production at ASX-1X Discovery
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 ASX-1X well in the Abu Sennan licence, onshore Egypt.
Highlights
-- Commercial discovery declared at the ASX-1X exploration well
-- Approval granted from the Minister of Petroleum of the award
of a development lease covering this new discovery on 12 October
2021
-- Partner confidence and experience in Abu Roash C ("AR-C")
reservoirs led to the well being brought straight onto production
three weeks after initial drilling results
-- Initial production flow rates from the AR-C of 870 bopd gross
(191 bopd net) on a 64/64" choke
-- ASX-1X is the second exploration success to be brought on
stream on the Abu Sennan licence in 2021
ASX-1X Well
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 results suggest the well encountered a combined net
pay total of at least 10m across a number of reservoir intervals,
including the primary reservoir targets of the AR-C. Based on
further interpretation of the well data, there was sufficient
confidence for the operator, Kuwait Energy Egypt, to submit notice
of a commercial discovery at ASX-1X and an application for a
11.92km(2) development lease to EGPC. On 12 October 2021, the
Minister of Petroleum approved the award of this ninth development
lease within the Abu Sennan licence. Production has now commenced
from the AR-C reservoir with initial gross rates of 870 bopd (191
bopd net), achieved on a 64/64" choke. This is an exceptionally
quick turnaround of just three weeks from announcing the initial
exploration well results to securing a development lease and
bringing this new discovery onto production and generating
revenue.
Al Jahraa-13 Development Well
The Al Jahraa-13 development well will target the Upper and
Lower Bahariya reservoirs in the Al Jahraa Field and follows up on
the success that was achieved with the Al Jahraa-8st1 well. The
ECDC-6 rig is shortly expected to mobilise from its current
location in the Eastern Desert, with the well-spud expected within
the coming weeks.
United Chief Executive Officer, Brian Larkin commented :
"The Commercial discovery at ASX-1X well and the fast track to
production will enhance revenue and further increase the proven
reserves on the licence.
Another new discovery is a further positive sign for the
remaining exploration potential within licence, and we will
continue to work with our Joint Venture partners to prioritise
these opportunities which can be brought into production in short
time frames.
We are looking forward to the spudding of the Al Jahraa 13
development well in the coming weeks. This will be the fifth well
in our 2021 drilling programme.
With the excellent record of exploration and development
drilling success we have had on Abu Sennan to date, we are very
excited about the four well drilling campaign next year and beyond,
and the potential that the licence offers for years to come."
ENDS
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with
the Company's obligations under Article 17 of MAR.
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
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) +44 (0) 20 7628 3396
Roland Cornish and Felicity Geidt
Optiva Securities Limited (Broker) +44 (0) 20 3137 1902
Christian Dennis
Murray (PR Advisor) +353 (0) 87 6909735
Joe Heron jheron@murrayconsultants.ie
Camarco (Financial PR/IR) +44 (0) 20 3757 4983
Billy Clegg | James Crothers | Tessa uog@camarco.co.uk
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
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
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END
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