United Oil & Gas PLC announced an update on the ASD S-1X exploration well on the ASD South prospect in the Abu Sennan licence, onshore Egypt. United holds a 22% working interest in the licence, which is operated by Kuwait Energy Egypt ("KEE"). Summary: As communicated on 18 December 2023, the ASD S-1X exploration well commenced drilling on 11 November and reached a total depth of 3450 metres on 12 December, ahead of schedule and under budget.

Petrophysical analysis of logs indicated the presence of a total of 9.5 metres of net pay across the prospective section of the well, which included 6 metres of net pay within the primary Abu Roash C (AR-C) reservoir. These preliminary test flow rates for the AR-C reservoir are in line with pre-drill expectations. Based on these test results, notice of a commercial discovery and an application for a development lease at ASD South will be soon submitted to Egypt General Petroleum Corporation by the operator, KEE.

Production is expected to commence shortly after approvals are granted and facilities are put in place. Despite this success, it's important to acknowledge the challenging macroeconomic conditions in Egypt and the persistent difficulty the Company faces in repatriating funds from the country. Remain committed to collaborating with local Egyptian stakeholders, EGPC, and the operator KEE to navigate and address these challenges.

Paul Ryan, who has over 18 years of relevant experience in the oil and gas industry, has reviewed and approved the information contained in this announcement.? Paul Ryan 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 Geoscience Energy Society of Great Britain (GESGB) and the?Society of Petroleum Engineers (SPE).