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    SEN   GB00BYX0MB92

UNITED OIL & GAS PLC

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United Oil & Gas PLC Provides Spudding of the ASX-1X Exploration Well, Egypt Update

08/16/2021 | 02:00am EDT

United Oil & Gas PLC announced the spudding of the ASX-1X exploration well in the Abu Sennan Licence, Egypt on 14 August. United holds a 22% working interest in the Licence, which is operated by Kuwait Energy Egypt. ASX-1X is a vertical exploration well, located c. 7km to the north of the producing Al Jahraa Field. The well is targeting a similar structure to the nearby discovery that was recently made at ASD-1X, with primary targets in the Abu Roash C and E reservoirs, and secondary targets in the deeper Bahariya and shallower Khoman Formations. The ASX prospect had always ranked highly for United among the identified exploration targets in Abu Sennan, and with the de-risking provided by the positive result at ASD-1X only 11km away, and the short timeframe in which that discovery was put into production, the ASX-1X prospect has become a prioritised target. The ASX-1X is expected to be the final well of the 2021 campaign, with longer-term plans for unlocking the additional potential in the Abu Sennan licence currently under discussion. The well is located c. 7km to the north of the producing Al Jahraa field and will test a number of stacked reservoir targets. In a success-case scenario, the well is expected to take up to 54 days to drill, test and complete.


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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 24,6 M 24,6 M -
EV / Sales 2021 0,50x
EV / Sales 2022 -0,15x
Nbr of Employees 12
Free-Float 61,8%
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Number of Analysts 1
Last Close Price 2,78 GBX
Average target price 28,40 GBX
Spread / Average Target 923%
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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