ASH-8 well update

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."

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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		[e-mail]
Sharan Dhami, Head of IR & ESG		[e-mail]
Beaumont Cornish Limited (Nominated Adviser)
Roland Cornish | Felicity Geidt		[phone]
Tennyson Securities (Joint Broker)
Peter Krens		[phone]
Optiva Securities Limited (Joint Broker)
Christian Dennis		[phone]
Camarco (Financial PR)
Georgia Edmonds | Emily Hall |Sam Morris		[phone]  | [e-mail]

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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