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United Oil & Gas PLC hails five out of five success at Egypt’s Abu Sennan oilfield

The 2021 drilling campaign saw five out of five successful wells drilled at Abu Sennan, all of which have been quickly brought into production and generated cash flow for the company

United Oil & Gas PLC (AIM:UOG) will benefit from another producing well from Egypt’s onshore Abu Sennan licence, according to the latest drilling results from the Al Jahraa-13 development well.

Coming in ahead of schedule and under budget, the well encountered 17.5m of net pay in the oil-bearing Upper and Lower Bahariya reservoir targets as a total depth of 3,840m was reached.

The well will be tested and completed in the coming days, the company said, before being brought immediately onstream through the existing Al Jahraa facilities.

United will receive 22% of the revenue from the well, which is operated by Kuwait Energy Egypt.

Chief executive Brian Larkin said: “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.”

Read More: United Oil & Gas PLC hails five out of five success at Egypt’s Abu Sennan oilfield

2021-12-29 02:01:00

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