United Oil & Gas PLC ASD-2 Well Update (7493E)
March 15 2022 - 3:00AM
UK Regulatory
TIDMUOG
RNS Number : 7493E
United Oil & Gas PLC
15 March 2022
United Oil & Gas PLC / Index: AIM / Epic: UOG / Sector: Oil
& Gas
15 March 2022
United Oil and Gas Plc
("United" "the Group" or the "Company")
ASD-2 Well Update
United Oil & Gas PLC 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
ASD-2 development well (ASD-2) in the Abu Sennan licence, onshore
Egypt. United holds a 22% working interest in the licence, which is
operated by Kuwait Energy Egypt .
Highlights
-- ASD-2 development well encountered a total of at least 25.5m
of net pay across multiple oil-bearing reservoirs
-- ASD-2 is the eighth consecutive successful well at Abu Sennan
since United acquired its interest in the licence
The ASD-2 development well, which was drilled to test the
north-western culmination of the commercial discovery in the ASD
field last year, safely reached total depth of 3,631 metres. The
well has now been logged and is interpreted to have encountered at
least 25.5 metres of net oil pay across the Abu Roash and Bahariya
reservoirs. An estimated 20 metres of net pay was encountered in
the Abu Roash-E reservoir, significantly above pre-drill
expectations. The well will be tested and completed in the coming
days and brought immediately onstream through the existing ASD
facilities, adding additional production and revenue for United.
United will provide a further update to the market once the well
has been brought onstream and flow-rates have been established.
Next well in the Egypt Drilling Programme
ASD-2 is the first well in the 2022 Abu Sennan drilling
campaign. After completion of ASD-2, the ECDC-6 rig will be
released and the campaign will continue with the Sino Tharwa-1 rig.
Technical work to finalise the drilling locations at the Al Jahraa
and ASH fields is ongoing, and as a result, the ASV-1X exploration
well has now been brought forward in the drilling programme as the
next well to be drilled. United estimate that the ASV-1X structure
has the potential to hold over 2.5 million barrels gross mean
recoverable resources. The well is expected to spud in the coming
weeks.
United will be releasing its results for the full year ending 31
December 2021 on the 26 April 2022. In advance of this, the Company
will provide its usual quarterly production update for Q1 2022.
United's Chief Executive Officer, Brian Larkin commented:
"We are really pleased with the result from the ASD-2 well,
which provides a very positive start to the 2022 drilling campaign.
Our production is highly leveraged to the current higher oil prices
and oil/gas discoveries can be quickly brought on stream through
existing facilities, generating immediate revenue for the Company.
There remains significant potential within the Abu Sennan licence,
and we are looking forward to drilling the upcoming ASV-1X
exploration well. This well is targeting a United estimate of over
2.5 million barrels gross mean recoverable resources. The rig has
been mobilised and we look forward to the well spudding 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 Regulation 2014/596/EU which is part of domestic UK
law pursuant to the Market Abuse (Amendment) (EU Exit) regulations
(SI 2019/310).
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)
Roland Cornish | Felicity Geidt +44 (0) 20 7628 3396
Optiva Securities Limited (Joint
Broker)
Christian Dennis +44 (0) 20 3137 1902
Tennyson Securities (Joint Broker)
Peter Krens +44 (0) 020 7186 9030
Camarco (Financial PR/IR)
Billy Clegg | James Crothers | Tessa +44 (0) 20 3757 4983 | 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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