Client NewsUnited Oil & Gas PLC: Egypt Operational 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”.
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.
Egypt Operations Update – 07:00:04 04 Apr 2023 – UOG News article | London Stock Exchange
OPEN AN ACCOUNT
If you are interested in opening an account with Optiva Securities, please fill in the details on the apply button.
Please ensure that the information you entered is accurate, and that your “Caps Lock” key is set correctly.