United Oil & Gas PLC ASV-1X well update (1660N)
May 30 2022 - 2:01AM
UK Regulatory
TIDMUOG
RNS Number : 1660N
United Oil & Gas PLC
30 May 2022
United Oil & Gas PLC / Index: AIM / Epic: UOG / Sector: Oil
& Gas
30 May 2022
United Oil and Gas plc
("United" or "the Company")
ASV-1X well update
United Oil & Gas PLC (AIM: "UOG") the growing oil and gas
company with a portfolio of production, development, exploration
and appraisal assets announces an update on the drilling of the
ASV-1X exploration well in the Abu Sennan licence, onshore Egypt.
United holds a 22% working interest in the Abu Sennan licence,
which is operated by Kuwait Energy Egypt.
The well was drilled to a Total Depth of 3,496 metres
encountering nine metres of net reservoir in the primary Abu Roash
"C" (ARC) reservoir target and 111 metres of net reservoir in the
secondary Kharita target. Indications of hydrocarbons were recorded
on the mud log over the ARC reservoir target and oil was identified
from the geochemical analysis of ditch-cuttings, however the
initial petrophysical interpretation did not indicate the presence
of net pay in either the ARC or Kharita reservoir intervals.
Given the evidence from the mud log, the oil seen in the
ditch-cuttings, and the similarity to the petrophysical response
observed across the ARC reservoir in the previously drilled ASZ-1X
well, the Joint Venture partners have agreed to perform a well-test
on the ARC reservoir in the ASV-1X well. For the purposes of
comparison, the ASZ-1X well was drilled in 2018, and whilst initial
petrophysical results suggested a lack of net pay in the ARC
reservoir, the well flowed hydrocarbons on test, and was put onto
production.
Further operations on the well and any potential application to
EGPC for a development concession will be determined based on the
results of the comprehensive testing programme currently being
undertaken.
The ASV-1X well was drilled by the Sino Tharwa-1 rig. It is the
second well of the 2022 drilling campaign, and the first
exploration well in the programme. On completion of the initial
well-testing on ASV-1X, the rig will move to the Al Jahraa Field to
drill the Al Jahraa-14 development well.
United's Chief Executive Officer, Brian Larkin commented:
"Given the indications of the presence of hydrocarbons in the
well coupled with the similarities in the petrophysical analysis to
an analogue well drilled in 2018 targeting the same reservoir, we
fully support the Joint Venture's decision to carry out a testing
programme on the well. The additional data provided by the well
will augment our understanding of the potential in the licence
whilst the high gas readings and oil recovered from cuttings in the
ARC is encouraging for the prospectivity of this eastern area of
the Abu Sennan licence, and will be incorporated into the future
exploration drilling plans.
Following completion of the first phase of the well-testing
programme, our active, fully funded 2022 drilling programme
continues with the spudding of the development well, Al Jahraa-14
on the Al Jahraa Field a follow up to the commercial discovery at
AJ-13 at the end of 2021."
**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)
Georgia Edmonds | James Crothers +44 (0) 20 3757 4983 | uog@camarco.co.uk
| Tessa 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 and the 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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