United Oil & Gas PLC Commencement of drilling ASW-1X exploration well (6716I)
December 06 2022 - 2:00AM
UK Regulatory
TIDMUOG
RNS Number : 6716I
United Oil & Gas PLC
06 December 2022
United Oil & Gas PLC / Index: AIM / Epic: UOG / Sector: Oil
& Gas
6 December 2022
United Oil and Gas plc
("United" or "the Company")
Commencement of drilling ASW-1X exploration well
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
ASW-1X exploration well 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 ("KEE").
ASW-1X exploration well
Following mobilisation of the Sino Tharwa-1 rig to site, the
operator of the Abu Sennan licence, KEE, has notified the Joint
Venture ("JV") partners that the ASW-1X well has commenced
drilling. This exploration well is the fifth and final well to spud
in the 2022 drilling campaign and is targeting un-risked mean
recoverable resources estimated by United at c. 8 mmbbls gross in
multiple reservoirs. The ASW-1X prospect has been de-risked by the
HF36-5X discovery made in an adjacent block in 2020, and by the
results of the 2022 seismic reprocessing on the Abu Sennan licence,
which has provided improved imaging and definition of the ASW
targets. If successful, the well is expected to be quickly tied
into existing facilities, adding additional production and revenue
for the Company.
United Chief Executive Officer, Brian Larkin commented:
"The ASW-1X well is targeting significant recoverable resources
across multiple separate horizons. This key exploration well fits
with the JV's exploration strategy of not only directly targeting
significant volumes, but also for the potential to de-risk a number
of other similar structures in this part of the licence. In the
case of a commercial discovery, ASW-1X would be completed as a
production well and, subject to the granting of a development
permit, be brought into production thereafter."
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:
Mmbbls - million barrels
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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