United Oil & Gas PLC Spudding of the AJ-13 Development Well, Egypt (1606S)
November 12 2021 - 2:00AM
UK Regulatory
TIDMUOG
RNS Number : 1606S
United Oil & Gas PLC
12 November 2021
United Oil & Gas PLC / Index: AIM / Epic: UOG / Sector: Oil
& Gas
12 November 2021
United Oil and Gas Plc
("United" "the Group" or the "Company")
Spudding of the AJ-13 Development 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 Al
Jahraa-13 development ("AJ-13") well in the Abu Sennan licence,
onshore Egypt.
Highlights
-- Drilling of the AJ-13 development well, which will target
stacked Upper and Lower Bahariya reservoir targets, has
commenced
-- The well will take approximately 65 days to drill and
complete and is fully funded from operational cashflow
-- AJ-13 can rapidly be brought into production, generating revenue
Following mobilisation of the ECDC-6 rig to site, the Company is
pleased to note that the operators of the Abu Sennan Licence,
Kuwait Energy Egypt, have notified the Joint Venture partners that
the AJ-13 well has commenced drilling.
The well, which is a follow up to the successful Al Jahraa-8
well, will target the Upper and Lower Bahariya reservoirs in the Al
Jahraa Field. The well can be quickly tied into existing
facilities, adding additional production and revenue for the
Company.
The AJ-13 well is the fifth and final well in the Abu Sennan
2021 drilling programme before the 2022 drilling programme begins,
which is planned to consist of five exploration and development
wells.
United holds a 22% working interest in the Licence, which is
operated by Kuwait Energy Egypt.
Brian Larkin, Chief Executive Officer commented
"Following the success of Al Jahraa-8, we are delighted to now
be drilling the Al Jahraa-13 well, which can add immediate cash
flow to the Company. There is extensive potential in the Abu Sennan
licence as demonstrated by the drilling success so far and the
Joint Venture partners are pleased to once again be testing
this.
"In this high oil price environment, we look forward to updating
shareholders on operations and will update the market in due course
on the progress of the well."
**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.
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.
Enquiries
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
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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END
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