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 Al Jahraa-13 development (“AJ-13”) well in the Abu Sennan licence, onshore Egypt.
· Drilling of the AJ-13 development well, which will target stacked Upper and Lower Bahariya reservoir targets, has commenced
· The well will take approximately 65 days to drill and complete and is fully funded from operational cashflow
· AJ-13 can rapidly be brought into production, generating revenue
Following mobilisation of the ECDC-6 rig to site, the Company is pleased to note that the operators of the Abu Sennan Licence, Kuwait Energy Egypt, have notified the Joint Venture partners that the AJ-13 well has commenced drilling.
The well, which is a follow up to the successful Al Jahraa-8 well, will target the Upper and Lower Bahariya reservoirs in the Al Jahraa Field. The well can be quickly tied into existing facilities, adding additional production and revenue for the Company.
The AJ-13 well is the fifth and final well in the Abu Sennan 2021 drilling programme before the 2022 drilling programme begins, which is planned to consist of five exploration and development wells.
United holds a 22% working interest in the Licence, which is operated by Kuwait Energy Egypt.
Brian Larkin, Chief Executive Officer commented
“Following the success of Al Jahraa-8, we are delighted to now be drilling the Al Jahraa-13 well, which can add immediate cash flow to the Company. There is extensive potential in the Abu Sennan licence as demonstrated by the drilling success so far and the Joint Venture partners are pleased to once again be testing this.
“In this high oil price environment, we look forward to updating shareholders on operations and will update the market in due course on the progress of the well.”
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 the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”), and is disclosed in accordance with the Company’s obligations under Article 17 of MAR.
United Oil & Gas Plc (Company)
Brian Larkin, CEO
Sharan Dhami, Head of IR & ESG
Notes to Editors
United Oil & Gas is a high growth oil and gas company with a portfolio of low-risk, cash generative production, development, appraisal and exploration assets across Egypt, UK, Italy and a high impact exploration licence in Jamaica.
The business is led by an experienced management team with a strong track record of growing full cycle businesses, partnered with established industry players and 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 www.uogplc.com
If anyone reads this article found it useful, helpful? Then please subscribe www.share-talk.com or follow SHARE TALK on our Twitter page for future updates.
Terms of Website Use
All information is provided on an as-is basis. Where we allow Bloggers to publish articles on our platform please note these are not our opinions or views and we have no affiliation with the companies mentioned