Egypt Update in response to media reports

RNS Number : 6992X

United Oil & Gas PLC

20 December 2019

 

United Oil & Gas PLC / Index: AIM / Epic: UOG / Sector: Oil & Gas

20^th December 2019

United Oil & Gas PLC ('United' or 'UOG' or 'the Company')

Egypt Update in response to media reports

On 23 July 2019 United Oil & Gas PLC (AIM: "UOG"), the AIM traded oil and gas exploration and development company, announced the proposed acquisition of Rockhopper Egypt Pty Ltd from Rockhopper Exploration Plc. The acquisition will include a 22% non-operating interest in the Abu Sennan concession onshore Egypt.  United issue the following statement pursuant to media reports in Egypt and some significant share price movement since market opening today.

Brian Larkin CEO, United Oil and Gas PLC:

"It has been very encouraging to see the positive results so far from the ASH-2 well, with 50m of net oil pay recorded and flow rates of 7,000 bopd achieved on test. However, with testing still in progress, it would be premature to draw any further conclusions on the oil volumes associated with the well, or the sustainable production rates that may be possible from it. It is worth emphasising that these could be significantly lower than the initial test, and we will keep the market updated as more information becomes available from the ongoing well-testing."

ENDS

United Oil & Gas Plc (Company)
Brian Larkin, CEO	[e-mail]
Beaumont Cornish Limited (Nominated Adviser)
Roland Cornish and Felicity Geidt	[phone]
Optiva Securities Limited (Joint Broker)
Christian Dennis	[phone]
Cenkos Securities Plc (Joint Broker)
Joe Nally (Corporate Broking) Derrick Lee and Pete Lynch	[phone] [phone]
Murray (PR Advisor)	[phone]
Joe Heron	[e-mail]
St Brides Partners (Financial PR/IR)
Frank Buhagiar and Priit Piip	[phone]

Notes to Editors

United Oil & Gas plc (UOG) is an AIM-traded company.  United was established to explore, appraise and develop low risk assets in Europe and to develop higher risk, higher impact exploration projects in the Caribbean, Latin America and Africa.

 

END

 

 

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