TIDMUOG
RNS Number : 3715G
United Oil & Gas PLC
15 November 2022
United Oil & Gas PLC / Index: AIM / Epic: UOG / Sector: Oil
& Gas
15 November 2022
United Oil and Gas plc
("United" or "the Company")
ASH-4 Test results and Egypt operations 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
testing 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.
Summary
- Preliminary test results from the ASH-4 well-test indicate a
flow-rate of 2,101 bopd and 3 mmscf/d (c. 2,700 boepd gross; 594
boepd net) from the Alam El Bueib ("AEB") reservoir on a maximum
40/64" choke
- On a reduced, 32/64" choke, which is expected to be more
representative of the producing flow rates, the well flowed at
1,325 bopd and 1.8 mmscf/d (c. 1,685 boepd gross; 371 boepd
net)
- ASH-4 is expected to be tied into the existing facilities and
brought on stream in the coming days
- The ST-1 rig will now move to the ASW-1X exploration well
location to commence drilling the fifth well in the 2022
programme
- Stimulation programme expected to be completed on the AJ-14 well over the coming weeks
United Chief Executive Officer, Brian Larkin commented:
"We are very pleased with the news of the ASH-4 initial well
test result. It is expected that the well will be brought onstream
in the coming days and will immediately contribute production and
revenue for the Company. The ASH field has proved to be a prolific
area of the Abu Sennan licence and we are pleased to be reporting
this positive well test result, as we move to drill the final well
of the 2022 drilling programme. This will be the ASW-1X exploration
well (previously named ASF-1X) which is targeting 8mmbbls of gross
recoverable resources."
ASH- 4 well
The ASH-4 development well, a step-out development well in the
ASH field, encountered 20 metres of net pay through the primary
Alam El Bueib reservoir target as announced on 28 October 2022.
ASH-4 reached TD of 4,000 metres on 29 October, and was
successfully tested from the targeted AEB formation. Preliminary
results indicate average flow rates of 2,101 bopd and 3 mmscf/d (c.
2,700 boepd gross; 594 boepd net working interest) on a maximum
40/64" choke. Rates of 1,325 bopd and 1.8 mmscf/d (c. 1,685 boepd
gross; 371 boepd net working interest) were achieved on a reduced
32/64" choke, with no water production. The rates on the smaller
32/64" choke size are expected to be more representative of the
sustainable flow levels that will be achieved when the well is
brought onstream through the existing ASH facilities in the coming
days.
ASW-1X (previously named ASF-1X)
The ST-1 rig will now move to the site of the ASW-1X exploration
well which will be the fifth and final well in the 2022 drilling
campaign. This well will target un-risked mean recoverable
resources estimated by United at approximately 8 mmbbls gross in
multiple reservoirs to the south-west of the ASH field. This is a
key well, not just for the significant volumes that it is targeting
directly, but also for the potential to de-risk a number of other
similar structures in this portion of the licence. A further update
on the commencement of drilling will be made in due course.
AJ-14 well update
As previously announced, the AJ-14 development well encountered
seven metres of net pay in the primary Abu Roash-C ("ARC") target.
A comprehensive technical review to optimise the forward options
for this well has now been carried out by the JV partners.
Following this review, and the availability of a workover rig, it
is now expected that a stimulation programme will be completed on
the AJ-14 well over the coming weeks. Well stimulation has
previously delivered successful results on a number of Abu Sennan
wells, and on completion, commercial flow-rates in line with the
pre-drill expectations of c. 300bopd gross are expected to be
established from this well.
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:
bopd - barrels of oil per day
boepd - barrels of oil equivalent per day
choke- device to control the flow of fluids produced from
wells
JV Partners- Joint Venture Partners
mmscf/d - million standard cubic feet per day
TD - Total Depth
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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