REG - United Oil & Gas PLC - Egyptian update - ASD S-1X exploration well

United Oil & GasAnnouncement

18/12/2023 07:00

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RNS Number : 0693X  United Oil & Gas PLC  18 December 2023

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

 

18 December 2023

United Oil and Gas plc

("United" or "the Company")

 

Egyptian update - ASD S-1X exploration well

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 ASD S-1X exploration well ("ASD S-1X")
on the ASD south prospect in the Abu Sennan licence, onshore Egypt. United
holds a 22% working interest in the licence, which is operated by Kuwait
Energy Egypt.

Summary

The ASD S-1X well commenced drilling on 11 November and reached a total depth
of 3450 metres on 12 December, ahead of schedule and under budget.

 

The well has subsequently been logged and petrophysical analysis by the
operator indicates the presence of a total of 9.5 metres of net pay across the
targeted Abu Roash C (AR-C), Abu Roash D (AR-D), Abu Roash E (AR-E), Bahriya
and Kharita formations, with 6 metres net pay encountered in the primary AR-C
reservoir. The well will now be completed and tested in the coming days, with
a further update once test results have been received from the operator.

 

If the flow test results prove the presence of a commercial hydrocarbon
accumulation for this exploration well, an application for a development lease
will be submitted to Egypt General Petroleum Corporation for this area ASD S.

 

The completion of the ASD S-1X well will conclude the drilling programme for
the Abu Sennan License in 2023. A comprehensive drilling programme for 2024 is
being finalised with the JV partners on the Abu Sennan Licence and is
anticipated to start in early January with the drilling of the ASH-10
development well on the ASH Field.

United Chief Executive Officer, Brian Larkin commented,

 

"We are pleased with the petrophysical analysis from the ASD S-1X exploration
well which shows the presence of net pay of 9.5 metres of hydrocarbons and
look forward to the results of the testing over the coming days. The
additional data from the testing will enhance our understanding of the
potential in this area of the licence. This brings to an end our 2023 drilling
programme."

 

END

 

Paul Ryan, who has over 18 years of relevant experience in the oil and gas
industry, has reviewed and approved the information contained in this
announcement.  Paul Ryan 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)

 Beaumont Cornish Limited (Nominated Adviser)
 Roland Cornish | Felicity Geidt | Asia Szusciak           +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)
 Andrew Turner | Emily Hall |Sam Morris                    +44 (0) 20 3757 4983

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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