United Oil & Gas PLC Egypt Operations Update (2322V)
April 04 2023 - 2:00AM
UK Regulatory
TIDMUOG
RNS Number : 2322V
United Oil & Gas PLC
04 April 2023
United Oil & Gas PLC / Index: AIM / Epic: UOG / Sector: Oil
& Gas
4 April 2023
United Oil & Gas plc
("United" or "the Company")
Egypt Operations 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 provide an update
on operations 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.
ASD-3 Well Spud
The ASD-3 development well has now commenced drilling. This well
will be drilled approx. 1.2km to the north-west of the ASD-2 well
which was drilled in March 2022, and which has recovered circa
400,000 bbls since it came on production just over a year ago. The
ASD-3 well has primary targets in the Abu Roash-E ("ARE") and Abu
Roash-C ("ARC") reservoirs, as well as secondary objectives in the
Lower Bahariya. The well has a prognosed total depth of 3,649
metres, and is expected to take approx. 55 days to drill and
complete.
Abu Sennan Production Update
United's net oil production from Abu Sennan for Q1 2023 averaged
841 bopd. The exit rate for the quarter was 1,275 bopd oil and 170
boepd gas (1,445 boepd net) which incorporates the material
contribution from the ASH-8 well, which has continued to flow at a
stable rate with no water-cut since it came onstream on the 16
March 2023.
United Chief Executive Officer, Brian Larkin commented:
"We are happy to report that the next well in our 2023 drilling
campaign has spud at ASD-3, in an area of the field we believe
contains extensive unrecovered resources. We are excited by the
potential that this well is planned to test and the follow-on
development drilling targets it could unlock in a success case. It
is also really pleasing to see the continued strong production
performance from the ASH-8 well, which supports our view that there
is significant long term value remaining in the Abu Sennan
licence".
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
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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