United Oil & Gas Share Discussion Threads

[soulsauce] 04/12/2020 07:26

Didn't see that one coming Brian 🤔😄

[spangle93] 04/12/2020 07:25

Crown money delayed

[xxnjr] 03/12/2020 10:01

ooops spangles... silly me! good point re net :-)
Not really following this closely but will do when rig operations get underway again. Still in virtual lockdown so to speak but have had a decent run of late on covid news related OP recovery aiding producers. Trust all is well with you.

[spangle93] 02/12/2020 19:43

xxnjr - from your quote, that's 220 boepd NET

The pipeline is 1000 boepd GROSS
"This pipeline has the potential to add up to 1,000 boepd of gross production", from today's RNS

By coincidence, we have 22% equity.

Ergo, the pipeline is just for ASH-2... QED?

And we'd have to wait for another one for ASH--3

PS Noticed a gap in your posting. Hoping you were spending winnings somewhere :-)

[xxnjr] 02/12/2020 18:29

Ash is indeed a lot less gassy than ES but that is a good thing. My reading is the gas pipeline was sized to about 1000 boepd, or roughly about 5 or 6 Ash wells (with a bit of drop off on the earlier wells), given that the 6th July Cenkos note said

".....Over the next 12-months we see a significant amount of planned activity across the United portfolio. Following the success of the ASH-2 well in December 2019, United has indicated that the gas from the ASH-2 well will be tied into facilities at El-Salmiya adding an additional 220 boepd net.

The main thing is the Ash-2 well has produced about 1m bbls in less than a year. Presumably still churning out roughly 3K bbls a day then?

[swanvesta] 02/12/2020 17:33

Spangle, first half of June was with ES-5 testing wide open? Every enthusiast wants to show off the best snaps of their baby! At interims forecast for H2 was a 'conservative' 2300, so no disappointment since then.

[spangle93] 02/12/2020 13:30

Snickerdog:

I think there is a good to be positive about in this announcement. But there is nothing actually new that's been delivered, so that's probably why the share price hasn't moved much.

(Future) Positives
- ASH-3 is the next well, given the success of ASH-2
- Well target is updip - recognising nothing in the subsurface world is ever what you expect, updip of a production well is in most cases pretty nailed on, and hopefully will deliver similar stonking rates to ASH-2
- Rig is expected to start drilling before the end of this year, which is earlier than I'd pencilled in
- They plan to get after the exploration targets - there are a lot on the block and my reading of the situation is that they have a limited time to progress them
- Funded from cashflow - no confetti machine needed for Egypt at least

(Actual) Negatives
- ASH-2 gas pipeline not yet complete and commissioned. Way overdue.
- I can't find anywhere the quoted gas rates from ASH-2, all volumes I can find are bopd. However, 1000boepd gross seems pretty poky. If we use 6,000 scf = 1 BOE, then 1,000 BOEpd = 6MMscf/d. For comparison, El-Salmiyah-5 alone tested at 18 MMscf/d. So either ASH has a much lower gas content, such that 2 ASH wells = 1/3 of ES5, or some gas will continue to be flared, or it will be a constraint on the oil production
- Linked to above, the production. Larkin has been trumpeting 3,000 bopd in his pieces to camera but as usual, he's banked what hasn't yet been delivered. The RNS on 24 June said "3,060 boepd net working interest) average production from the Abu Sennan concession for the first half of June". So I was expecting a figure a bit more in line with this, rather than projected numbers from earlier in the year.


Edit - the P ro ac tive interview is worth a listen. But as predicted that was the first sign that Selva wouldn't be 1H, now it's just "in 2021".

[soulsauce] 02/12/2020 13:22

Proactive interview out.

[swanvesta] 02/12/2020 13:10

Perhaps seeing is believing? Once spud and gas tie-up is announced the operations side should be settled, and cashflow reasonably secure. That's important in case of disappointment with the Crown payment.

[markstevenkirby80] 02/12/2020 11:29

17p + next year

[soulsauce] 02/12/2020 10:48

Yeah great, the market loves it. Not even a sniff of getting back above 3p 🥱

But did I not say 'decent update' in my first post this morning or did you conveniently miss that?

[snickerdog] 02/12/2020 10:40

Soulsauce - they have committed to a lot of activity here, surely SOMETHING to be positive about

[soulsauce] 02/12/2020 10:21

Well that went down as well as a fart in a space suit.

[edgein] 02/12/2020 07:42

Nice to see these guys embark on a multi-well campaign that should help boost production levels. Even the exploration well sounds as if its got its merits. Hopefully after all that the market cap will start to reflect its current production and assets let alone future. Should be a very strong start to 2021 here, fingers crossed.

Regards,
Ed.

[soulsauce] 02/12/2020 07:34

Decent update but very disappointing the gas production from Ash is still not connected and still have a very woolly date of it being completed.
Absolute travesty for our coffers and the environment that amount of gas continues to be flared. I imagine the same continues to be wasted at ES-5.

[the chairman elect] 02/12/2020 07:31

United Oil and Gas plc

("United" or "the Company")





Operational Update - Egypt



· EDC-50 rig has been contracted to commence a drilling programme on the Abu Sennan concession

· Drilling will start with the ASH-3 development well, which is planned to commence in the coming weeks

· Expected follow-on targets include a low-risk exploration well, and a further development well on the ASH structure

· Working interest production from Abu Sennan on target to exceed previous guidance of 2,300 boepd for H2 2020

· ASH gas pipeline to boost production from start of 2021



United Oil & Gas PLC (AIM: "UOG"), the growing oil and gas company with a portfolio of production, development, exploration and appraisal assets offers an update on the Abu Sennan Licence in Egypt (United 22% working interest), including the signing of the rig contract for the ASH-3 well.



The EDC-50 rig has a history of successful drilling in the Western Desert. It has been contracted for a drilling programme, starting with the ASH-3 development well, with low-cost rig-rates linked to oil-price. The campaign will be funded from operating cashflow. Subject to EGPC approvals, the rig is due to come on site before the end of the year, with drilling starting shortly after this. It is anticipated that the ASH-3 well will take up to 60 days to drill and test.



The ASH-3 well will target the producing Alam El Bueib (AEB) reservoirs in an area of the ASH Field updip of the ASH-2 production well, which came onstream at the beginning of the year, and which to date has produced in excess of 1 million barrels.



The ASH-3 development will be the first well due to be drilled by the EDC-50 rig in the 2021 campaign. United expect the second well in the drilling schedule to be an exploration well, targeting the Abu Roash reservoirs in the 4-way dip-closed Prospect D structure in the north of the Abu Sennan licence, close to the producing Al Jahraa field. This is a low risk well, located close to existing infrastructure, capable of being brought into production quickly.



Average production rates on the Abu Sennan Licence for the second half of 2020 to 29 November are c. 2,370 boepd net to United's working interest. This is a 20% increase to the average H1 production achieved after United's entry to the licence at the end of February. Average H2 production is likely to exceed the previous guidance of 2,300 boepd net.



In the near term, production is due to benefit from the completion of the ASH-2 gas pipeline, expected to be brought onstream at the start of 2021. When completed, the pipeline will substantially increase recovery rates and reduce the need to flare gas, improving the environmental performance of the licence. This pipeline has the potential to add up to 1,000 boepd of gross production.



In order to give greater visibility to shareholders, United will, from January, report production levels on a quarterly basis.



United Chief Executive Officer, Brian Larkin commented:



"Following an intense period of planning, we are delighted to be ready to re-commence drilling activities at the Abu Sennan licence, fully funded from our operating cashflow. We have worked closely with the operator, Kuwait Energy Egypt, over recent months to design a drilling campaign for 2021 and believe the scheduled wells can maintain the exceptional record of over 80% drilling success which has been achieved on the licence to date.



"The Abu Sennan licence continues to perform strongly and deliver low cost production growth. With over 35 mapped prospects on the licence and following on from the outstanding success of the ASH-2 and ES-5 wells where drilling outcomes significantly exceeded pre-drill expectations it offers excellent potential to deliver even greater returns for the licence partners. We look forward to updating shareholders on the progress of the ASH 3 development well in the coming weeks and months."

[parob] 02/12/2020 07:12

Average production rates on the Abu Sennan Licence for the second half of 2020 to 29 November are c. 2,370 boepd net to United's working interest. This is a 20% increase to the average H1 production achieved after United's entry to the licence at the end of February. Average H2 production is likely to EXCEED the previous guidance of 2,300 boepd net.In the near term, production is due to benefit from the completion of the ASH-2 gas pipeline, expected to be brought onstream at the start of 2021. When completed, the pipeline will substantially increase recovery rates and reduce the need to flare gas, improving the environmental performance of the licence. This pipeline has the potential to add up to 1,000 boepd of gross production.

[theuninvitedguest] 02/12/2020 04:29

Very impressive and really good addition to UOG I'm now having a conversation with myself here, time for bed (on nights to clarify) hahahaha

[theuninvitedguest] 02/12/2020 04:15

I haven't posted the link correctly but states Iman Hill is now Executive Director of IOGP

[theuninvitedguest] 02/12/2020 02:20

hxxps://www.energyvoice.com/oilandgas/282835/iman-hill-replaces-gordon-ballard-iogp/

Spotted this today if of interest to anyone

[soulsauce] 30/11/2020 08:58

It was another post of that same thing you and Skiboy have been posting all over the place about Triputati Graphite or whatever it is called, funnily enough word for word under a brand new avatar just set up for the ramp.

[the chairman elect] 30/11/2020 08:55

What happened to POST 3648? What did it say?

[soulsauce] 28/11/2020 17:15

Is that another one of your avatars cpap. How much you getting paid to spam that all over the place 🙄

[the chairman elect] 27/11/2020 08:15

2021 has the potential to be an absolutely MEGA year for UOG