United Oil & Gas PLC ASV-1X exploration well test update (4365R)
July 06 2022 - 2:00AM
UK Regulatory
TIDMUOG
RNS Number : 4365R
United Oil & Gas PLC
06 July 2022
United Oil & Gas PLC / Index: AIM / Epic: UOG / Sector: Oil
& Gas
6 July 2022
United Oil and Gas Plc
("United" "the Group" or the "Company")
ASV-1X exploration well test 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 ASV-1X exploration
well in the Abu Sennan licence, onshore Egypt.
The ASV-1X well was drilled safely and under-budget to a total
depth of 3,496 metres. It encountered both primary and secondary
reservoirs, and as announced on 30 May 2 022 a comprehensive
testing programme was initiated. The testing programme is still
underway, but after over a week of testing with a sucker rod pump
installed, no hydrocarbons have yet been recovered. The Operator
and partners will continue to review the test results and potential
future options and costs before a final decision is made on the
forward plan for the well.
Data gathered from this well has further improved our
understanding of the subsurface in the Abu Sennan licence. Evidence
for the migration of hydrocarbons observed in the ASV-1X structure
has helped de-risk this element of the petroleum system in this
area of the licence and will assist in optimising future well
targets.
The 2022 Abu Sennan drilling campaign is continuing with the
AJ-14 development well, with the announcement of the spud on 21
June 2022. Two further wells are planned for this year, including
an ASH development well, and the ASF-1X exploration well. The
ASF-1X well is located in the south-west of the Abu Sennan licence,
approximately 30km away from the ASV-1X well, and the prospectivity
of ASF-1X well is not impacted by the results of the ASV-1X
well.
United holds a 22% working interest in the Licence, which is
operated by Kuwait Energy Egypt.
Brian Larkin, CEO commented:
"While the failure to flow hydrocarbons from ASV-1X to date is
not encouraging, the data gathered from the well test and drilling
results will feed into optimising future drilling targets across
the licence.
"We are now continuing with our active and fully funded Egypt
drilling programme, with the AJ-14 development well which spud
end-June and have two more wells to drill before we complete the
2022 drilling programme, including the ASF-1X exploration well
targeting mean recoverable reserves of approx. 8 mmboe gross. We
look forward to updating the market on the progress of our 2022
operations and extensive drilling programme as it progresses."
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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