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Share Name Share Symbol Market Type Share ISIN Share Description
United Oil & Gas Plc LSE:UOG London Ordinary Share GB00BYX0MB92 ORD GBP0.01
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.225 5.49% 4.325 4.25 4.40 4.35 4.175 4.175 4,432,623 15:25:37
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 0.0 -2.0 -0.6 - 27

United Oil & Gas PLC ASH-3 Well Test Update

23/02/2021 12:36pm

UK Regulatory (RNS & others)


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United Oil & Gas PLC

23 February 2021

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

23 February 2021

United Oil and Gas plc

("United" or "the Company")

ASH-3 Well Test Update

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 provide the following update on the testing of the ASH-3 development well in the Abu Sennan concession, onshore Egypt. United holds a 22% non-operating interest in Abu Sennan, which is operated by Kuwait Energy Egypt.

Highlights

-- Preliminary results from the ASH-3 well-test indicate a maximum flow rate of 6,379 bopd and 6.7 mmscf/d (c. 7,720 boepd gross; 1,700 boepd net) from the Alam El Bueib ("AEB") reservoir during well-testing on a 64/64" choke

-- On a reduced, 30/64" choke, expected to be more representative of the producing flow rates, the well flowed at 3,561 bopd and 2.9 mmscf/d (c. 4,140 boepd gross; 910 boepd net)

   --    The well is expected to be brought onstream in the coming days 

ASH-3 Well

The ASH-3 development well, a step-out development well in the ASH Field, spudded on the 4(th) January, and reached a total depth (TD) of 4,087m MD (3,918m TVDSS) on 8(th) February, ahead of schedule and under budget. Logging indicates a gross hydrocarbon column of 59m in the primary AEB reservoir target, 27.5m of which is estimated to be net pay.

ASH-3 was successfully tested from the targeted AEB Formation, and preliminary results indicate maximum flow rates of 6,379 bopd and 6.7 mmscf/d (c. 7,720 boepd gross; 1,700 boepd net working interest) on a 64/64" choke. Rates of 3,561 bopd and 2.9 mmscf/d (c. 4,140 boepd gross; 910 boepd net working interest) were achieved on a reduced 30/64" choke, and in line with prudent reservoir management, these rates are expected to be more representative of the sustainable flow levels that will be achieved when the well is brought onstream through the existing ASH facilities.

The ED-50 rig will now move to the north of the Licence, close to the producing Al Jahraa field to commence the drilling of the ASD-1X exploration well. This well is targeting the Abu Roash reservoirs in the Prospect D structure and, if successful, can quickly be brought into production.

United Chief Executive Officer, Brian Larkin commented:

"The ASH Field continues to out-perform our estimates and following on from the success of the 2020 drilling programme, this is another excellent drilling result that demonstrates its significant growth potential. This result is a very positive development for the Abu Sennan partnership as a whole, and, when brought on production over the coming days, ASH-3 will provide a significant boost to the concession-wide production rates that averaged 10,500 boepd gross (2,310 boepd net) during January 2021.

"We look forward to the spudding of the forthcoming exploration well and the remainder of our 2021 work program."

**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").

Glossary:

Boepd - barrels of oil equivalent per day

Bopd - barrels of oil per day

Mmscf/d - million standard cubic feet of gas per day

MD - Measured Depth

TVDSS - Total Vertical Depth Subsea

 
United Oil & Gas Plc (Company) 
Brian Larkin, CEO                             brian.larkin@uogplc.com 
Beaumont Cornish Limited (Nominated 
 Adviser) 
Roland Cornish and Felicity Geidt             +44 (0) 20 7628 3396 
Optiva Securities Limited (Joint 
 Broker) 
Christian Dennis                              +44 (0) 20 3137 1902 
Cenkos Securities Plc (Joint Broker) 
Joe Nally (Corporate Broking)                 +44 (0) 20 7397 8900 
 Derrick Lee and Pete Lynch                    +44 (0) 131 220 6939 
Murray (PR Advisor)                           +353 (0) 87 6909735 
Joe Heron                                     jheron@murrayconsultants.ie 
Camarco (Financial PR/IR) 
Billy Clegg                                   +44 (0) 20 3757 4983 
 Georgia Edmonds                               uog@camarco.co.uk 
 James Crothers 
 

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, Italy 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 https://www.uogplc.com/

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

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February 23, 2021 07:36 ET (12:36 GMT)

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