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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
  0.20 4.17% 5.00 4.90 5.10 5.35 4.90 5.10 9,465,521 15:03:14
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 0.0 -2.0 -0.6 - 31

United Oil & Gas PLC Spudding of the ASD-1X exploration well, Egypt

08/03/2021 7:00am

UK Regulatory (RNS & others)


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RNS Number : 4095R

United Oil & Gas PLC

08 March 2021

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

8 March 2021

United Oil and Gas plc

("United" or "the Company")

Spudding of the ASD-1X exploration well, Egypt

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 announce the spudding of the ASD-1X exploration well in the Abu Sennan Licence (the "Licence"), Egypt on 6 March. United holds a 22% working interest in the Licence, which is operated by Kuwait Energy Egypt.

Highlights:

-- Drilling of the ASD-1X exploration well, which will test a number of stacked reservoir targets, has commenced

   --    The well will take up to 60 days to drill and is funded entirely from operational cash flow 

ASD-1X is a vertical exploration well, located 12km to the north-east of the producing Al Jahraa Field and primarily targeting the sandstone reservoirs of the Abu Roash "C" and "E", with the Abu Roash "G" reservoir providing a secondary target. The targeted reservoirs are expected to be encountered between 3,000m and 3,500m measured depth.

The well will be drilled by the EDC-50 rig, which recently completed the successful ASH-3 development well ahead of schedule and under-budget. It is anticipated that the ASD-1X well will take up to 60 days to drill and complete; if successful the well can rapidly be placed on production through existing infrastructure.

ASD-1X is the second well to be drilled in the 2021 campaign, which is entirely funded from operational cashflow. Subject to final approvals, the joint venture partnership has now agreed a third well for 2021, the AJ-8 development well, which was originally scheduled for 2020 and deferred due to the lower oil price environment. This well will target the Abu Roash and Bahariya reservoirs in an undrained area of the Al Jahraa Field and will be drilled by the EDC-50 rig after completion of ASD-1X.

United's Chief Executive Officer, Brian Larkin commented:

"There is considerable exploration potential in the Abu Sennan licence, and it is great to be actively drilling wells to unlock that potential. We are delighted that the ASD-1X exploration well has been spudded and look forward to updating shareholders once the well has reached the target reservoirs.

"The improving oil price environment of recent months has significantly enhanced operational cashflows and improved the economics of additional development wells so it is also very pleasing to have confirmation of the drilling of the AJ-8 development well immediately after completion of ASD-1X."

**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").

 
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 and development assets across Egypt, UK, Italy and a high impact exploration licence in Jamaica.

Led by an experienced management team with a strong track record of growing full cycle businesses and partnered with established industry players, the Company 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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March 08, 2021 02:00 ET (07:00 GMT)

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