United Oil & Gas PLC - Spudding of the ASH-3 development well, Egypt
United Oil & Gas PLC / Index: AIM / Epic: UOG / Sector: Oil & Gas
United Oil and Gas plc
("United" or "the Company")
Spudding of the ASH-3 development well,
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"),
ASH-3 is a vertical well targeting the producing
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,
"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
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)
Beaumont Cornish Limited (Nominated Adviser)
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+44 (0) 20 7628 3396
Optiva Securities Limited (Joint Broker)
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+44 (0) 20 3137 1902
Cenkos Securities Plc (Joint Broker)
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+44 (0) 20 7397 8900
+44 (0) 131 220 6939
Murray (PR Advisor)
+353 (0) 87 6909735
Camarco (Financial PR/IR)
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+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 and development assets across
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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