1st Jun 2023 12:07
United Oil & Gas PLC - London-based oil and gas company with projects in Egypt, Italy and UK - Announces update on testing of ASD-3 development well in Abu Sennan licence onshore Egypt. Says 12.5 metres of net oil pay interpreted across the primary Abu Roash reservoir targets. 730 barrels of oil per day gross were achieved on a test from the Abu Roash E reservoir, and 684 bopd gross from the Abu Roash C reservoir. "This result has positive implications for the in-place volumes and future potential of the ASD Field," firm says.
Chief Executive Officer Brian Larkin says: "ASD-3 is the second successful well in our 2023 drilling programme, delivering additional production and revenue to United as the well is brought into production through existing facilities. Discussions are underway with our joint venture partners on plans to maximise the economic return from the potentially large in-place volume on ASD that this result has indicated."
Current stock price: 1.55 pence, up 10% on Thursday
12-month change: down 23%
By Tom Budszus, Alliance News reporter
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