REG - United Oil & Gas PLC - Egypt Operations Update

United Oil & GasAnnouncement

04/04/2023 07:00

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RNS Number : 2322V  United Oil & Gas PLC  04 April 2023

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

 

4 April 2023

United Oil & Gas plc

("United" or "the Company")

 

Egypt Operations 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".

 

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).

 

Glossary:

bopd - barrels of oil per day

boepd - barrels of oil equivalent per day

choke- device to control the flow of fluids produced from wells

JV Partners- Joint Venture Partners

mmscf/d - million standard cubic feet per day

 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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