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United Oil & Gas PLC - Spudding of the ASH-3 development well, Egypt

RNS Number : 5232K
United Oil & Gas PLC
05 January 2021
 

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

 

5 January 2021

 

United Oil and Gas plc

("United" or "the Company")

 

 

Spudding of the ASH-3 development 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 ASH-3 well in the Abu Sennan Licence (the "Licence"), Egypt on 4 January. United holds a 22% working interest in the Licence, which is operated by Kuwait Energy Egypt.

 

ASH-3 is a vertical well targeting the producing Alam El Bueib ("AEB") reservoirs at a depth of 3,600 to 3,950m in an area of the ASH field, up-dip of the ASH-2 production well. The ASH-2 well came onstream at the beginning of 2020 and has produced in excess of 1 million barrels to date (gross) with current rates of c. 4,500 barrels of oil per day on a 48/64" choke (gross).

 

The ASH-3 well will be drilled by the EDC-50 rig, which has a history of drilling in the Western Desert. It is anticipated that the ASH-3 well will take up to 60 days to drill and test. 

 

The ASH-3 development well is the first to be drilled in the 2021 campaign,  and is to be funded from operational cashflow. The second well in the drilling schedule will be the ASD-1X exploration well, targeting the Abu Roash reservoirs in the 4-way dip-closed Prospect D structure in the north of the Licence, close to the producing Al Jahraa field and if successful is capable of being brought into production quickly. The historic drilling success rate on the Licence is c. 80%.

 

 

United's Chief Executive Officer, Brian Larkin commented:

 

"We are delighted that the ASH-3 well has been spudded, and look forward to updating the market in due course, once the well has reached the target reservoirs. There is clearly great potential in the ASH Field, and if the outstanding success that was achieved in the ASH-2 well can be replicated here, it will be a fantastic result for the joint venture partners.

 

"It is equally pleasing for the joint venture to be back drilling in Egypt again, after the deferral of the majority of the 2020 drilling programme due to the low oil price environment, and we look forward to the drilling of further wells as part of our 2021 campaign, including the ASD-1X exploration well, that will follow after completion of ASH-3."

 

**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)

Derrick Lee and Pete Lynch

+44 (0) 20 7397 8900

+44 (0) 131 220 6939

Murray (PR Advisor)

+353 (0) 87 6909735

Joe Heron

jheron@murrayconsultants.ie

Camarco (Financial PR/IR)


Billy Clegg

Georgia Edmonds
James Crothers  

+44 (0) 20 3757 4983

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 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/ 

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