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    UOG   GB00BYX0MB92

UNITED OIL & GAS PLC

(UOG)
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United Oil & Gas : Announces ASX-1X Well and 2022 Egyptian Drilling Program Update

09/22/2021 | 10:47am EDT

United Oil & Gas PLC ('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 ASX-1X exploration well in the Abu Sennan licence, onshore Egypt.

Highlights

ASX-1X exploration well encountered at least 10m net pay in a number of oil-bearing reservoirs

Completion of the well and well-testing is now planned, and if successful, will be followed by an application to the Egyptian General Petroleum Corporation ('EGPC') for a development lease

The ASX-1X well is located 7km to the north of the producing Al Jahraa Field. It safely reached a Total Depth of 4,272m, several days ahead of schedule and under-budget.

Preliminary interpretations suggest the well encountered at least 10m net pay across a number of reservoir intervals, including the primary reservoir targets of the Abu Roash Formation. Evaluation of the well data is continuing, and a comprehensive plan for testing and completing the well is now planned. If successful, this will be followed by an application to EGPC for a development lease.

The ASX-1X well was drilled by the EDC-50 rig. It is the second exploration well to be drilled in 2021, adding to our subsurface understanding, and providing further confidence in the exploration potential of the Abu Sennan licence.

2022 Drilling Programme

As part of the long-term planning to realise the full potential of the Abu Sennan licence, the Company met the operator recently to discuss an indicative drilling programme for 2022 and beyond. This programme will include development wells to maintain production and exploration wells that have the potential to deliver large reserve and production upside, starting with an initial programme of four wells in 2022. The planned investment demonstrates the exciting future potential that is recognised within Abu Sennan. We look forward to building on the impressive returns to date and maximising output from this licence in the years to come.

United holds a 22% working interest in the Abu Sennan licence, which is operated by Kuwait Energy Egypt

United's Chief Executive Officer, Brian Larkin commented: 'Today's announcement is the fourth positive well result from Abu Sennan in 2021. With the well testing set to begin shortly, we look forward to understanding the full potential of the ASX-1X well.

This is the second exploration well drilled in 2021 on Abu Sennan and gives us further confidence in the value of the remaining exploration potential of the licence. We are also pleased to be planning the drilling campaign for next year and beyond.

Plans are continuing to progress on finalising the additional development well that has been added to the 2021 drilling programme. The continued investment in Abu Sennan by the JV partners is testament to the potential which exists within the licence, and we look forward to updating shareholders as we receive further results from the continuing 2021 campaign.'

Contact:

Tel: +202 2785 0023

Fax: +202 2591 8044

(C) 2021 Electronic News Publishing, source ENP Newswire

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Financials (USD)
Sales 2021 26,4 M - -
Net income 2021 - - -
Net cash 2021 11,4 M - -
P/E ratio 2021 -
Yield 2021 -
Capitalization 25,3 M 25,3 M -
EV / Sales 2021 0,53x
EV / Sales 2022 -0,12x
Nbr of Employees 12
Free-Float 62,1%
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Mean consensus BUY
Number of Analysts 1
Last Close Price 2,85 GBX
Average target price 28,40 GBX
Spread / Average Target 896%
Managers and Directors
Brian Larkin CEO, Director & Managing Director
David Quirke Chief Financial Officer, Secretary & Director
Alan Graham Martin Non-Executive Chairman
Jonathan James Leather Chief Operating Officer & Director
Iman Mohamed Kamal Hill Independent Non-Executive Director
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