REG - United Oil & Gas PLC - ASH-8 well update

United Oil & GasAnnouncement

28/02/2023 07:01

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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."

 

END

 

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                                brian.larkin@uogplc.com (mailto:brian.larkin@uogplc.com)
 Sharan Dhami, Head of IR & ESG                   sharan.dhami@uogplc.com (mailto:sharan.dhami@uogplc.com)

 Beaumont Cornish Limited (Nominated Adviser)
 Roland Cornish | Felicity Geidt                  +44 (0) 20 7628 3396

 Tennyson Securities (Joint Broker)
 Peter Krens                                      +44 (0) 020 7186 9030

 Optiva Securities Limited (Joint Broker)
 Christian Dennis                                 +44 (0) 20 3137 1902

 Camarco (Financial PR)
 Georgia Edmonds | Emily Hall |Sam Morris         +44 (0) 20 3757 4983  |uog@camarco.co.uk (mailto:uog@camarco.co.uk)

 

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 (http://www.uogplc.com)

 

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