Spudding of the ASX-1X exploration well, Egypt

RNS Number : 6731I

United Oil & Gas PLC

16 August 2021

 

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

16 August 2021

United Oil and Gas plc

("United" or "the Company")

Spudding of the ASX-1X exploration well, Egypt

United Oil & Gas PLC (AIM: "UOG"), the growing oil and gas company with a portfolio of production, development, exploration and appraisal assets is pleased to announce the spudding of the ASX-1X exploration well in the Abu Sennan Licence (the "Licence"), Egypt on 14 August. United holds a 22% working interest in the Licence, which is operated by Kuwait Energy Egypt.

Highlights:

· Drilling of the ASX-1X exploration well commenced on 14 August 2021

· The well is located c. 7km to the north of the producing Al Jahraa field and will test a number of stacked reservoir targets

· In a success-case scenario, the well is expected to take up to 54 days to drill, test and complete

United's Chief Executive Officer, Brian Larkin commented:

"There is considerable exploration potential in the Abu Sennan licence, and it is great to be actively drilling our second exploration well this year to further unlock that potential. We are delighted that the ASX-1X exploration well has been spudded and look forward to updating shareholders once the well has reached the target reservoirs."

ASX-1X Exploration Well

ASX-1X is a vertical exploration well, located c. 7km to the north of the producing Al Jahraa Field. The well is targeting a similar structure to the nearby discovery that was recently made at ASD-1X, with primary targets in the Abu Roash C and E reservoirs, and secondary targets in the deeper Bahariya and shallower Khoman Formations.

The ASX prospect had always ranked highly for United among the identified exploration targets in Abu Sennan, and with the de-risking provided by the positive result at ASD-1X only 11km away, and the short timeframe in which that discovery was put into production, the ASX-1X prospect has become a prioritised target.

The ASX-1X is expected to be the final well of the 2021 campaign, with longer-term plans for unlocking the additional potential in the Abu Sennan licence currently under discussion.

**ENDS**

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. 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR").

United Oil & Gas Plc (Company)
Brian Larkin, CEO	[e-mail]
Sharan Dhami, Head of Investor Relations & ESG	[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]
Camarco (Financial PR/IR)
Billy Clegg James Crothers	[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 and development assets across Egypt, UK, Italy and a high impact exploration licence in Jamaica.

Led by an experienced management team with a strong track record of growing full cycle businesses and partnered with established industry players, the Company 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 https://www.uogplc.com/ 

 

END

 

 

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