United Oil & Gas PLC ASH-8 well update (2045R)
February 28 2023 - 2:00AM
UK Regulatory
TIDMUOG
RNS Number : 2045R
United Oil & Gas PLC
28 February 2023
United Oil & Gas PLC / Index: AIM / Epic: UOG / Sector: Oil
& Gas
28 February 2023
United Oil and Gas plc
("United" or "the Company")
ASH-8 well update
United Oil & Gas PLC (AIM: "UOG"), the full-cycle 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-8 development well ("ASH-8") 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
- 22 metres of net oil pay interpreted in the primary reservoir target
- Following completion and testing, ASH-8 is expected to be
immediately brought onstream through the existing ASH
facilities
ASH-8
The ASH-8 development well, which spud on 22 January 2023,
reached total depth of 3,999 metres on 21 February, ahead of
schedule and significantly under budget. The well has now been
logged and is interpreted to have encountered 22 metres of net oil
pay in the primary Alam El Bueib reservoir target, in line with
pre-drill expectations. The well will be completed and tested in
the coming days and can then be brought immediately onstream
through the existing ASH facilities, adding additional production
and revenue for United. United will provide a further update to the
market once the well has been brought onstream and stabilised
flow-rates have been established.
On completion, the ST-1 rig is planned to move to the ASD-3
location to drill the second development well in the 2023 drilling
programme.
United Chief Executive Officer, Brian Larkin commented:
" We are pleased with the result from the ASH-8 well, which is
in line with pre-drill expectations and provides a positive start
to the 2023 drilling campaign. The well will now be tested before
the rig is moved to the ASD-3 well location. Successful development
wells on the ASH field can be quickly brought on stream through
existing facilities, generating immediate production and revenue
for the Company. We look forward to reporting on the initial
stabilised flow-rates in due course, and to continuing our 2023
drilling programme with the ASD-3 development 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).
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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