United Oil & Gas PLC AJ-14 Development Well Update (8531U)
August 04 2022 - 2:00AM
UK Regulatory
TIDMUOG
RNS Number : 8531U
United Oil & Gas PLC
04 August 2022
United Oil & Gas PLC / Index: AIM / Epic: UOG / Sector: Oil
& Gas
4 August 2022
United Oil and Gas Plc
("United" "the Group" or the "Company")
AJ-14 Development Well 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 an update on the
drilling of the Al Jahraa-14 development well ("AJ-14") in the Abu
Sennan licence, onshore Egypt. United holds a 22% working interest
in the licence, which is operated by Kuwait Energy Egypt.
Summary
-- AJ-14 encountered seven metres of net oil pay in the Primary Abu Roash C ("ARC") reservoir
-- Planned testing programme to include both Primary (ARC) and
Secondary Abu Roash G ("ARG") targets
-- AJ-14 is the seventh successful development well at Abu
Sennan since United acquired its interest in the licence
The AJ-14 development well was primarily drilled to intersect
the ARC reservoir, targeting reserves from an undrained area of the
Al Jahraa Field identified from reservoir and simulation modelling
work. The well safely reached total depth of 3619 metres ahead of
schedule and under budget. A full logging suite was acquired
through the ARC and 7 metres of good quality net oil pay has been
interpreted in the reservoir, in line with the higher end of the
pre-drill estimates.
The secondary ARG target was encountered 13 metres updip of the
Al Jahraa-12 well, which was interpreted to have intersected an
oil-water contact in this reservoir. Due to technical difficulties
whilst running the logging tools a full logging suite was not
acquired over the ARG interval in the AJ-14 well. However, there
was sufficient encouragement from the Logging While Drilling tools
to indicate potentially hydrocarbon-bearing reservoir, and to
include the ARG in the testing programme.
Both the primary and secondary targets of the well are now
planned to be tested and completed. If the testing is successful
from either target, the well will be brought immediately onstream
through the existing facilities, adding additional production and
revenue for United. United will update the market on these results
in due course.
Continuing Egypt drilling programme
The Sino Tharwa-1 rig used to drill AJ-14 will now be used to
drill the ASH-4 development well, which is targeting 2.2 million
barrels gross mean recoverable reserves in an undrilled compartment
of the ASH Field. The rig move is expected to be performed over the
next few weeks, with the well to spud shortly thereafter.
Brian Larkin, CEO commented:
"This is the seventh consecutive successful development well on
the Abu Sennan licence since 2019. With oil prices remaining high,
and the speed with which additional production can be quickly
brought on stream through existing facilities, Abu Sennan's strong
cash generation and extensive reserve and prospect inventory
provides a solid foundation on which to build United's strategy. We
are very excited about the remaining wells in the 2022 drilling
programme, with the ASH-4 development well targeting 2.2 million
barrels gross before the drilling of the final well in our 2022
programme, the high impact exploration well ASF-1X which is
targeting over 8 million barrels gross."
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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