United Oil & Gas PLC AJ-13 Well Results & Commencement of Production (2787Y)
January 13 2022 - 2:00AM
UK Regulatory
TIDMUOG
RNS Number : 2787Y
United Oil & Gas PLC
13 January 2022
United Oil & Gas PLC / Index: AIM / Epic: UOG / Sector: Oil
& Gas
13 January 2022
United Oil and Gas plc
("United" or "the Company")
Al Jahraa-13 well test results and commencement of
production
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 successful test results
and commencement of production from the Al Jahraa-13 development
well ("AJ-13"), in the Abu Sennan licence, onshore Egypt, which is
operated by Kuwait Energy Egypt.
Highlights
-- Well tested with flow rates of:
- 897 bopd and 0.95 mmscf/d gas (c. 1,087 boepd gross; 239 boepd net) on a 64/64" choke
- 623 bopd and 0.47 mmscf/d gas (c. 717 boepd gross; 158 boepd net) on a 32/64" choke
-- The well has now been tied into the existing facilities and
brought on stream at an initial rate of c. 600 bopd gross on a
48/64" choke. This is less than eight days from completion, rapidly
adding additional production and revenue to the Company
-- The ECDC-6 rig will now move to drill the ASD-2 development
well, the first well in the 2022 campaign
As previously announced, the AJ-13 well, which is a follow up to
the successful Al Jahraa-8 well, safely reached a TD of 3,840m,
several days ahead of schedule and under-budget. The well has been
logged and interpreted to have encountered 17.5m of net oil pay
across the Upper and Lower Bahariya reservoir targets, in line with
the range of pre-drill expectations.
The AJ-13 well is the fifth and final well in the Abu Sennan
2021 drilling programme. The ECDC-6 rig, used to drill the AJ-13
well, will now move to commence the 2022 drilling programme,
starting with the ASD-2 development well. The ASD-2 well follows on
from the exploration success that was made in 2021 with the ASD-1X
well. It will target the Abu Roash reservoirs in a more northerly
part of the same structure, aiming to access the upside reserves
and accelerate production from this field.
A trading and operations update will be issued in late January
to summarise 2021 operational activities and to provide initial
guidance on 2022 plans and performance expectations.
United holds a 22% working interest in the Abu Sennan
licence.
United's Chief Executive Officer, Brian Larkin commented:
"AJ-13 has been brought on stream in less than eight days from
completion using the existing facilities and generating production
and revenue for the Company. With initial gross production rates of
600 bopd we expect the well to pay back in under nine months,
similar to previous wells.
"Following the exceptional drilling success achieved in 2021 we
look forward to beginning our 2022 development and exploration
drilling programme. The ECDC-6 rig will now move to drill the ASD-2
development well, the first well in our 2022 drilling programme,
which is due to spud in the coming weeks."
**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").
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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