Source - LSE Regulatory
RNS Number : 8623W
United Oil & Gas PLC
29 December 2021
 

United Oil & Gas PLC / Index: AIM / Epic: UOG / Sector: Oil & Gas

 

29 December 2021

United Oil and Gas plc

("United" or "the Company")

 

Successful Result at Al Jahraa-13 Well

 

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.

 

Highlights

·      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."

 

**ENDS**

 

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").

Enquiries

 

United Oil & Gas Plc (Company)

 

Brian Larkin, CEO

brian.larkin@uogplc.com

Sharan Dhami, Head of IR & ESG

sharan.dhami@uogplc.com

 

 

Beaumont Cornish Limited (Nominated Adviser)

+44 (0) 20 7628 3396

Roland Cornish and Felicity Geidt

 

 

 

Optiva Securities Limited (Broker)

+44 (0) 20 3137 1902

Christian Dennis

 

 

 

 

Murray (PR Advisor)

+353 (0) 87 6909735

Joe Heron

jheron@murrayconsultants.ie

 

 

Camarco (Financial PR/IR)

+44 (0) 20 3757 4983

 

Billy Clegg  |  James Crothers  | Tessa Gough-Allen

uog@camarco.co.uk

 

 

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 

 

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