United Oil and Gas Announces Commencement of Drilling ASW-1X Exploration Well

Source: www.gulfoilandgas.com 12/6/2022, Location: Africa

United Oil & Gas Plc ("UOG"), the growing oil and gas company with a portfolio of production, development, exploration and appraisal assets is pleased to announce the spudding of the ASW-1X exploration well in the Abu Sennan licence, onshore Egypt. United holds a 22% non-operating interest in the Abu Sennan licence, which is operated by Kuwait Energy Egypt ("KEE").

ASW-1X exploration well

Following mobilisation of the Sino Tharwa-1 rig to site, the operator of the Abu Sennan licence, KEE, has notified the Joint Venture ("JV") partners that the ASW-1X well has commenced drilling. This exploration well is the fifth and final well to spud in the 2022 drilling campaign and is targeting un-risked mean recoverable resources estimated by United at c. 8 mmbbls gross in multiple reservoirs. The ASW-1X prospect has been de-risked by the HF36-5X discovery made in an adjacent block in 2020, and by the results of the 2022 seismic reprocessing on the Abu Sennan licence, which has provided improved imaging and definition of the ASW targets. If successful, the well is expected to be quickly tied into existing facilities, adding additional production and revenue for the Company.

United Chief Executive Officer, Brian Larkin commented:

"The ASW-1X well is targeting significant recoverable resources across multiple separate horizons. This key exploration well fits with the JV's exploration strategy of not only directly targeting significant volumes, but also for the potential to de-risk a number of other similar structures in this part of the licence. In the case of a commercial discovery, ASW-1X would be completed as a production well and, subject to the granting of a development permit, be brought into production thereafter."

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