United Oil & Gas PLC Q1 2022 Production & Drilling of ASV-1X Well (5025I)
April 19 2022 - 2:01AM
UK Regulatory
TIDMUOG
RNS Number : 5025I
United Oil & Gas PLC
19 April 2022
United Oil & Gas PLC / Index: AIM / Epic: UOG / Sector: Oil
& Gas
19 April 2022
United Oil and Gas Plc
("United" "the Group" or the "Company")
Q1 2022 Production & Drilling of ASV-1X Well
United Oil & Gas PLC the growing oil and gas company with a
portfolio of production, development, exploration and appraisal
assets announces a quarterly production update for the first
quarter (Q1) of 2022.
-- Q1 2022 production averaged 1,567 boepd (1,267 bopd oil and
300 boepd gas) net to United, in line with H1 2022 guidance of
1,500-1,650 boepd
-- The first well in the 2022 drilling campaign, the ASD-2
development well, started production at the end of March
-- ASV-1X exploration well has commenced drilling; this is the
second well of the five-well 2022 drilling campaign
All of United's production for the period was from United's 22%
non-operating interest in the Abu Sennan licence, Egypt, which is
operated by Kuwait Energy Egypt (KEE). This data will vary quarter
on quarter as development, appraisal and exploration operations
continue.
The ASV-1X exploration well commenced drilling on the 14 April
targeting mean recoverable resources estimated by United at c.2.6
mmbbls gross. The primary targets are sandstone Abu Roash "C" (ARC)
reservoirs, similar to those currently in production at the Al
Jahraa field. The target for this well is in a fault-bounded
structure in the east of the licence. This is the largest undrilled
ARC structure on the Abu Sennan licence. The ARC is currently in
production from a number of fields (Al Jahraa, ASZ, ASX, ASD, El
Salmiya) along a proven trend in the north of the licence area.
Success in this reservoir at ASV-1X would extend the play to the
south and east, potentially de-risking additional prospects in this
area for future drilling targets. The well will also penetrate the
Kharita reservoir as a stacked secondary target. The well is
expected to be drilled and completed in approximately two
months.
United will be releasing its results for the full year ending 31
December 2021 on the 26 April 2022.
**ENDS**
Glossary:
bopd - barrels of oil per day
boepd - barrels of oil equivalent per day
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)
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 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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