United Oil & Gas PLC ASH-4 well update (4149E)
October 28 2022 - 2:00AM
UK Regulatory
TIDMUOG
RNS Number : 4149E
United Oil & Gas PLC
28 October 2022
United Oil & Gas PLC / Index: AIM / Epic: UOG / Sector: Oil
& Gas
28 October 2022
United Oil and Gas plc
("United" or "the Company")
ASH-4 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 ASH-4 development well ("ASH-4") in the Abu Sennan
licence, onshore Egypt. United holds a 22% non-operating interest
in the Abu Sennan licence, which is operated by Kuwait Energy
Egypt.
Highlights
- Net pay of 20 metres interpreted in the targeted Alam El Bueib ("AEB") reservoir
- The well is expected to reach TD in the coming days, after
which it will be tested and completed
ASH-4 Well
The ASH-4 development well, which spudded on 10 September,
reached a depth of 3,956 metres MD on 24 October, in line with the
pre-drill schedule and under budget. The well was drilled as a
step-out development well into the ASH field. Initial logs have
been acquired through the primary AEB reservoir target, with net
pay estimated at 20 metres.
The well is expected to reach TD in the coming days, after which
it will be tested and completed. It is then expected to be
immediately brought onstream through the existing ASH facilities.
On completion, the ST-1 rig is planned to move to the ASW-1X
location (previously named ASF-1X) to commence the drilling of this
high-impact exploration well, targeting c. 8 mmbbls gross
recoverable resources.
United Chief Executive Officer, Brian Larkin commented:
"The ASH-4 well result marks a successful return to drilling on
a prolific area of the Abu Sennan licence. Based on the initial
petrophysical interpretation we expect that this well will deliver
a material increase to current production levels. The updated
technical information from this well, and the three other producing
ASH wells coupled with the reprocessed seismic, is expected to
further enhance our understanding of the field which will support
the optimisation of the recovery of the material reserves and
value. This provides further encouragement for the forthcoming
exploration well and the remainder of our 2022 work programme."
END
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).
Glossary:
MD - Measured Depth
TD - Total Depth
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 | Emily Hall +44 (0) 20 3757 4983 |
|Sam Morris 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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