United Oil & Gas development well in Egypt outperforms expectations

Wed, 3rd Jun 2020

United Oil & Gas said a development well in Egypt had significantly outperformed expectations. The El Salmiyah-5 well on the Abu Sennan concession, of which the company had a 22% interest, encountered a 120 metre net pay across four hydrocarbon-bearing intervals. Well tests achieved flow rates of 4,100 barrels of oil per day, with a further 18m standard cubic feet of gas, making a combined flow of around 8,700 barrels of oil equivalent per day. 'As a development well into a known field, the El Salmiyah-5 well was always expected to encounter hydrocarbons,' chief executive Brian Larkin said. 'However, with a headline figure of around 8,700 boepd achieved on test from the primary target in the Kharita, it is fair to say the results have significantly exceeded our pre-drill expectations.' At 2:39pm: (LON:UOG) United Oil Gas Plc share price was +0.78p at 2.93p Story provided by StockMarketWire.com

FTSE 100 Latest