United Oil & Gas PLC (AIM:UOG) told investors that the ASV-1X exploration well on the Abu Sennan licence onshore Egypt has yet to flow hydrocarbons during testing.
The company, which owns a 22% stake in the well, said in a statement that the well was drilled safely and under-budget down to a total depth of 3,496 metres, with both primary and secondary reservoir targets encountered.
Testing operations began a week ago and a sucker rod pump was installed, the company added, but no hydrocarbons have yet been recovered.
United said it will continue to review the test results, potential future options and costs before any final decisions are made for the well’s forward plan.
"While the failure to flow hydrocarbons from ASV-1X to date is not encouraging, the data gathered from the well test and drilling results will feed into optimising future drilling targets across the licence,” said chief executive Brian Larkin.
"We are now continuing with our active and fully funded Egypt drilling programme.”
United noted the spudding of the AJ-14 development well on June 21, and highlighted that two further wells are slated this year – one appraisal well on the ASH field and one exploration well, ASF-1X.
“We look forward to updating the market on the progress of our 2022 operations and extensive drilling programme as it progresses," Larkin added.