United Oil & Gas (UOG)

Sector:

Energy Producers

Index:

FTSE AIM All-Share

3.73p
   
  • Change Today:
      0.025p
  • 52 Week High: 6.00
  • 52 Week Low: 2.18
  • Currency: UK Pounds
  • Shares Issued: 644.80m
  • Volume: 1,128,691
  • Market Cap: £24.02m
  • RiskGrade: 324

United Oil reports positive results from Abu Sennan drilling

By Josh White

Date: Tuesday 06 Apr 2021

LONDON (ShareCast) - (Sharecast News) - United Oil & Gas updated the market on the drilling of the ASD-1X exploration well in the Abu Sennan concession, onshore Egypt on Tuesday, reporting that preliminary results suggested the well encountered a total of at least 22 metres of net oil pay interpreted across a number of reservoirs, including the Abu Roash C (AR-C), Abu Roash E (AR-E), Lower Bahariya and Kharita Formations.
The AIM-traded firm holds a 22% working interest in the licence, which is operated by Kuwait Energy Egypt.

It said well-testing was now planned, and if successful, would be followed by an application to the Egyptian General Petroleum Corporation (EGPC) for a development lease over the new discovery.

The ASD-1X exploration well, located 12 kilometres to the north-east of the producing Al Jahraa Field, reached a total depth of 3,750 metres on 30 March, several days ahead of schedule and under-budget.

United said the preliminary results suggested the well encountered a combined net pay total of at least 22 metres across a number of reservoir intervals, including the primary reservoir targets of the AR-C and AR-E, as well as the Lower Bahariya and Kharita Formations.

Completion of the well and well-testing of those reservoirs was planned in the coming weeks, and if successful, would lead to an application to EGPC being made for a development lease over the new discovery.

The well was drilled by the EDC-50 rig, which, after completion, would move to the Al Jahraa Field within the Abu Sennan concession to start drilling the AJ-8 development well.

That well would target the Abu Roash and Bahariya reservoirs in an undrained portion of the Al Jahraa field.

"Today's announcement is another positive result from Abu Sennan, which, initial interpretations suggest, is in line with our pre-drill estimates," said chief executive officer Brian Larkin.

"With the well testing set to begin shortly, we look forward to understanding the full potential of the ASD-1X well."

Larkin said a number of additional targets and leads had been identified within the Abu Sennan concession, with the results of ASD-1X and other recent wells set to better inform the company's understanding of the acreage.

"We will continue to work with our joint venture partners to prioritise these opportunities which can ultimately be brought into production in short time frames.

"With the EDC-50 rig moving to drill the AJ-8 development well after the completion of ASD-1X, we look forward to providing further updates on the continuing 2021 Abu Sennan drilling campaign."

At 1330 BST, shares in United Oil & Gas were up 4.17% at 5p.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

UOG Market Data

Currency UK Pounds
Share Price 3.73p
Change Today 0.025p
% Change 0.68 %
52 Week High 6.00
52 Week Low 2.18
Volume 1,128,691
Shares Issued 644.80m
Market Cap £24.02m
RiskGrade 324

UOG Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value Not Available
Price Trend
22.27% above the market average22.27% above the market average22.27% above the market average22.27% above the market average22.27% above the market average
65.22% above the sector average65.22% above the sector average65.22% above the sector average65.22% above the sector average65.22% above the sector average
Income Not Available
Growth Not Available

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UOG Dividends

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Trades for 27-Jul-2021

Time Volume / Share Price
16:09 5,000 @ 3.72p
15:12 6,500 @ 3.67p
14:29 40,000 @ 3.75p
14:24 26,315 @ 3.76p
12:53 10,000 @ 3.77p

UOG Key Personnel

CEO Brian Larkin
COO Jonathan Leather
CFO David Quirke

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