Client News
United Oil and Gas plc: Abu Sennan Update and Approval of Award of Development Lease over ASD-1X DiscoveryUnited Oil & Gas PLC (AIM: “UOG”), the growing oil and gas company with a portfolio of production, development, exploration and appraisal assets, is pleased to provide an update on the Abu Sennan Licence, Egypt in which United holds a 22% non-operating interest.
Highlights
· Approval from the Minister of Petroleum of the award of a development lease covering the ASD-1X discovery
· Commencement of production from the ASD-1X well with initial gross rates of 1,295 bopd (285 bopd net to UOG’s working interest)
· Commencement of production from the ASD-1X exploration well achieved less than two months from the announcement of the initial discovery in April 2021
· Successful workover at the ASH-1ST2 well, adding over 1,000 bopd gross (220 bopd net) to production from the ASH Field
United Chief Executive Officer, Brian Larkin commented:
“The speed at which the Joint Venture is developing Abu Sennan is demonstrative of the excitement we share for the long-term potential of the licence, which continues to deliver for the Company. Today’s announcement is yet more positive news, with the approval of the development lease at ASD-1X and the start of production from that well. We would also expect this result to add to the proven reserves on the licence.
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