United Oil & Gas PLC Egyptian update - ASD S-1X exploration well (0693X)
December 18 2023 - 2:00AM
UK Regulatory
TIDMUOG
RNS Number : 0693X
United Oil & Gas PLC
18 December 2023
United Oil & Gas PLC / Index: AIM / Epic: UOG / Sector: Oil
& Gas
18 December 2023
United Oil and Gas plc
("United" or "the Company")
Egyptian update - ASD S-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 is pleased to announce an update
on the ASD S-1X exploration well ( " ASD S-1X " ) on the ASD south
prospect in the Abu Sennan licence, onshore Egypt. United holds a
22% working interest in the licence, which is operated by Kuwait
Energy Egypt.
Summ ary
The ASD S-1X well commenced drilling on 11 November and reached
a total depth of 3450 metres on 12 December, ahead of schedule and
under budget.
The well has subsequently been logged and petrophysical analysis
by the operator indicates the presence of a total of 9.5 metres of
net pay across the targeted Abu Roash C (AR-C), Abu Roash D (AR-D),
Abu Roash E (AR-E), Bahriya and Kharita formations, with 6 metres
net pay encountered in the primary AR-C reservoir. The well will
now be completed and tested in the coming days, with a further
update once test results have been received from the operator.
If the flow test results prove the presence of a commercial
hydrocarbon accumulation for this exploration well, an application
for a development lease will be submitted to Egypt General
Petroleum Corporation for this area ASD S.
The completion of the ASD S-1X well will conclude the drilling
programme for the Abu Sennan License in 2023. A comprehensive
drilling programme for 2024 is being finalised with the JV partners
on the Abu Sennan Licence and is anticipated to start in early
January with the drilling of the ASH-10 development well on the ASH
Field.
United Chief Executive Officer, Brian Larkin commented,
"We are pleased with the petrophysical analysis from the ASD
S-1X exploration well which shows the presence of net pay of 9.5
metres of hydrocarbons and look forward to the results of the
testing over the coming days. The additional data from the testing
will enhance our understanding of the potential in this area of the
licence. This brings to an end our 2023 drilling programme."
END
Paul Ryan, who has over 18 years of relevant experience in the
oil and gas industry, has reviewed and approved the information
contained in this announcement. Paul Ryan 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
Beaumont Cornish Limited (Nominated
Adviser)
Roland Cornish | Felicity Geidt
| Asia Szusciak +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)
Andrew Turner | Emily Hall
|Sam Morris +44 (0) 20 3757 4983
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
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
DRLFFFESWEDSEFE
(END) Dow Jones Newswires
December 18, 2023 02:00 ET (07:00 GMT)
United Oil & Gas (LSE:UOG)
Historical Stock Chart
From Jul 2024 to Aug 2024
United Oil & Gas (LSE:UOG)
Historical Stock Chart
From Aug 2023 to Aug 2024