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 Al Jahraa-13 development well (“AJ-13”) in the Abu Sennan licence, onshore Egypt.
· AJ-13 development well encountered 17.5m of net pay in the oil-bearing Upper and Lower Bahariya reservoir targets
· The well reached Total Depth (“TD”) several days ahead of schedule and under budget
· The discovery of commercial net pay in AJ-13 makes it the seventh successful well in a row at Abu Sennan since United acquired its interest in the licence
The AJ-13 well, which is a follow up to the successful Al Jahraa-8 well, safely reached a TD of 3,840m, several days ahead of schedule and under-budget. The well has been logged and interpreted to have encountered 17.5m of net oil pay across the Upper and Lower Bahariya reservoir targets, in line with the range of pre-drill expectations.
The well will be tested and completed in the coming days and will then be brought immediately onstream through the existing Al Jahraa 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.
United holds a 22% working interest in the Licence, which is operated by Kuwait Energy Egypt.
United’s Chief Executive Officer, Brian Larkin commented:
“We have had outstanding results with our drilling campaign in 2021 with five out of five successful wells drilled at Abu Sennan this year. All of the wells have been brought into production quickly, generating cash flow for the Company. The 2021 drilling campaign has further de-risked the exploration potential at Abu Sennan and the development wells have provided further valuable data for future exploration drill targets two of which are included in the 2022 programme; ASF-1X and AST-1X.
This is a great way to finish 2021, and we look forward to commencing the 2022 drilling campaign, with a number of development and exploration wells planned.”
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”).
United Oil & Gas Plc (Company)
Brian Larkin, CEO
Sharan Dhami, Head of IR & ESG
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