United Oil & Gas PLC (AIM:UOG) ASH-4 well update

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 an update on the drilling of the ASH-4 development well (“ASH-4”) in the Abu Sennan licence, onshore Egypt.

United holds a 22% non-operating interest in the Abu Sennan licence, which is operated by Kuwait Energy Egypt.

Highlights

– Net pay of 20 metres interpreted in the targeted Alam El Bueib (“AEB”) reservoir

– The well is expected to reach TD in the coming days, after which it will be tested and completed

ASH-4 Well

The ASH-4 development well, which spudded on 10 September, reached a depth of 3,956 metres MD on 24 October, in line with the pre-drill schedule and under budget. The well was drilled as a step-out development well into the ASH field. Initial logs have been acquired through the primary AEB reservoir target, with net pay estimated at 20 metres.

The well is expected to reach TD in the coming days, after which it will be tested and completed. It is then expected to be immediately brought onstream through the existing ASH facilities. On completion, the ST-1 rig is planned to move to the ASW-1X location (previously named ASF-1X) to commence the drilling of this high-impact exploration well, targeting c. 8 mmbbls gross recoverable resources.

United Chief Executive Officer, Brian Larkin commented:

“The ASH-4 well result marks a successful return to drilling on a prolific area of the Abu Sennan licence. Based on the initial petrophysical interpretation we expect that this well will deliver a material increase to current production levels. The updated technical information from this well, and the three other producing ASH wells coupled with the reprocessed seismic, is expected to further enhance our understanding of the field which will support the optimisation of the recovery of the material reserves and value. This provides further encouragement for the forthcoming exploration well and the remainder of our 2022 work programme.”

END

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.

This announcement contains inside information for the purposes of Article 7 of Regulation 2014/596/EU which is part of domestic UK law pursuant to the Market Abuse (Amendment) (EU Exit) regulations (SI 2019/310).

Glossary:

MD – Measured Depth

TD – Total Depth

Enquiries

United Oil & Gas Plc (Company)

Brian Larkin, CEO

[email protected]

Sharan Dhami, Head of IR & ESG

[email protected]


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