United Oil & Gas PLC (AIM:UOG) said it is on track to hit its production guidance of 1,500-1,650 barrels daily (boepd) this year as more wells come on stream at Abu Sennan in Egypt.
Output in the three months to March 2022 averaged 1,567 barrels a day (1,267 bopd oil and 300 boepd gas) net.
All the production came from United's 22% non-operating interest in Abu Sennan, where Kuwait Energy Egypt is the operator.
The first well in the 2022 drilling campaign, the ASD-2 development well, started production at the end of March, UOG added, with a new exploration well, ASV-1X, also now underway.
ASV-1X is the second well in the 2022 programme at Abu Sennan and is targeting a fault-bounded structure in the east of the licence.
This is the largest undrilled ARC structure on the Abu Sennan licence, UOG said, though it is currently in production from a number of other fields along a proven trend in the north of the licence area.
“Success in this reservoir at ASV-1X would extend the play to the south and east, potentially de-risking additional prospects in this area for future drilling targets,” said UOG's statement.