United Oil & Gas PLC Egypt Drilling Update (4838P)
June 21 2022 - 2:00AM
UK Regulatory
TIDMUOG
RNS Number : 4838P
United Oil & Gas PLC
21 June 2022
United Oil & Gas PLC / Index: AIM / Epic: UOG / Sector: Oil
& Gas
21 June 2022
United Oil and Gas Plc
("United" "the Group" or the "Company")
Egypt Drilling Update
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 Al
Jahraa-14 development ("AJ-14") well in the Abu Sennan licence,
onshore Egypt.
AJ -14 summary
- Drilling of the AJ-14 development well has commenced
- The well is primarily targeting the main producing c Abu Roash
C ("ARC") reservoir on the Al Jahraa Field, with a secondary target
in the Abu Roash G ("ARG")
- The well is expected to take approximately 60 days to drill
and complete and is fully funded from operational cashflow
- On completion of drilling, AJ-14 is expected to be rapidly brought into production
Following mobilisation of the Sino Tharwa-1 rig to site, the
operator of the Abu Sennan licence, Kuwait Energy Egypt ("KEE"),
has notified the Joint Venture ("JV") partners that the AJ-14 well
has commenced drilling.
The AJ-14 well is being drilled to intersect the ARC reservoir,
targeting reserves from an undrained area of the Al Jahraa Field
identified from reservoir and simulation modelling work. In
addition, there is a deeper secondary objective in the ARG
reservoir, with the well targeting an area up-dip of the AJ-12 well
(drilled in 2019), which tested oil from this reservoir. If
successful, the well is expected to be quickly tied into existing
facilities, adding additional production and revenue for the
Company.
The AJ-14 development well is the third well drilled in 2022.
The Sino Tharwa-1 rig was previously used to drill the ASV-1X
exploration well.
ASV-1X well update
The comprehensive testing programme on the ASV-1X well that was
announced on 30 May 2022 is continuing, with a rig-less testing
unit and downhole pump being put in place following the rig move to
the AJ-14 location. A further update will be provided on completion
of the test programme.
United holds a 22% working interest in the Licence, which is
operated by KEE.
Brian Larkin, CEO commented:
"We look forward to continuing the 2022 drilling programme with
the spudding of the AJ-14 development well, the third of five wells
expected to be drilled this year. As we have shown, successful
development wells can be brought into production within days via
existing infrastructure, adding production and revenue to the
Company and with a typical well achieving payback within several
months. Egypt offers a low-cost operating environment, with
attractive fiscal terms and continues to deliver positive
operational cashflow to United".
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 sharan.dhami@uogplc.com
& ESG
Beaumont Cornish Limited
(Nominated Adviser)
Roland Cornish | Felicity
Geidt +44 (0) 20 7628 3396
Tennyson Securities (Joint
Broker)
Peter Krens +44 (0) 020 7186 9030
Optiva Securities Limited
(Joint Broker)
Christian Dennis +44 (0) 20 3137 1902
Camarco (Financial PR)
Georgia Edmonds | James +44 (0) 20 3757 4983 |
Crothers | uog@camarco.co.uk
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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