United Oil & Gas PLC Commencement of 2022 Egypt drilling programme (7767Z)
January 27 2022 - 2:00AM
UK Regulatory
TIDMUOG
RNS Number : 7767Z
United Oil & Gas PLC
27 January 2022
United Oil & Gas PLC / Index: AIM / Epic: UOG / Sector: Oil
& Gas
27 January 2022
United Oil and Gas Plc
("United" "the Group" or the "Company")
Commencement of the 2022 Egypt drilling programme
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
ASD-2 development well in the Abu Sennan licence, onshore Egypt.
United holds a 22% working interest in the licence, which is
operated by Kuwait Energy Egypt (KEE).
Highlights
-- 2022 Abu Sennan drilling campaign has commenced with the spud of the ASD-2 development well
-- ASD-2 is the first well in a fully funded four well drilling campaign
-- The well is a follow-up to the commercial discovery that was made by the ASD-1X exploration well in 2021
-- It will target potential gross upside volumes of 5.5 mmbbls
STOIIP (operator's estimate) in the Abu Roash C reservoir
Following mobilisation of the ECDC-6 rig to site, the Company is
pleased to note that KEE have notified the Joint Venture partners
that the 2022 drilling programme has now commenced with the ASD-2
development well.
This well is a follow-up to the successful ASD-1X exploration
well drilled in 2021 which was a commercial discovery and tested
the Lower Bahariya and ARC reservoirs. ASD-2 is targeting the
north-western culmination of the ASD structure and will seek to
prove up the gross upside volumes in the Abu Roash C reservoir,
estimated by the Operator at 5.5 mmbbls, STOIIP, accelerate
production from the field, and test a secondary target in the Abu
Roash E reservoir. The well can be quickly tied into existing
facilities, adding additional production and revenue for the
Company
The ASD-2 well is the first well in the fully funded four well
Abu Sennan 2022 drilling programme.
**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 Regulation 2014/596/EU which is part of domestic UK
law pursuant to the Market Abuse (Amendment) (EU Exit) regulations
(SI 2019/310).
Glossary:
bopd barrels of oil per day
boepd - barrels of oil equivalent per day
mmbbls million barrels of oil
STOIIP - Stock-tank oil initially in place
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 (Joint
Broker) +44 (0) 20 3137 1902
Christian Dennis
Tennyson Securities (Joint Broker)
Peter Krens +44 (0) 020 7186 9030
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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