United Oil & Gas PLC Completion of drilling operations on ASW-1X well (5710L)
January 04 2023 - 2:00AM
UK Regulatory
TIDMUOG
RNS Number : 5710L
United Oil & Gas PLC
04 January 2023
United Oil & Gas PLC / Index: AIM / Epic: UOG / Sector: Oil
& Gas
4 January 2023
United Oil and Gas plc
("United" or "the Company")
Completion of drilling operations on the ASW-1X exploration
well
United Oil & Gas Plc (AIM: "UOG"), the full-cycle oil and
gas company with a portfolio of production, development,
exploration and appraisal assets announces the completion of
drilling operations on 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").
The ASW-1X well was drilled to a Total Depth of 3,640 metres, 10
days ahead of schedule and under budget. Although the well
encountered net reservoir in the Abu Roash, Bahariya, and Alam El
Bueib targets, the logs did not indicate the presence of
hydrocarbons. The results from the ASW-1X will be integrated into
our subsurface understanding of the Abu Sennan licence, and the
additional data used to help prioritise future drilling
locations.
The well will now be plugged and abandoned and the Sino Tharwa-1
rig will be mobilised to drill the first well of the 2023 drilling
campaign. This will be the ASH-8 development well, targeting an
undrilled area of the ASH field.
Details of the 2023 drilling programme will be given within our
trading statement due to be issued in late January.
United Chief Executive Officer, Brian Larkin commented:
" Although the results of the ASW-1X well are disappointing, the
JV partners are positive about the remaining prospectivity on the
licence and will continue to deliver the maximum value from it. We
are looking forward to the 2023 drilling campaign, which will
initially focus on further development of the asset by the drilling
of ASH-8 followed by the ASD-3 well. These development wells are
targeting the most prolific areas of the Abu Sennan licence, to
maximise production before the drilling of at least one further
exploration well in Abu Sennan later in the year. We look forward
to updating the market with further details of planned activity
across our portfolio later in January."
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).
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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