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Tuesday, September 21, 2021
United Oil & Gas PLC announces an update on the drilling of the ASX-1X exploration well in the Abu Sennan license, onshore Egypt. The company states the ASX-1X exploration well encountered at least 10 meters of net pay in a number of oil-bearing reservoirs.
The ASX-1X well is located 7km to the north of the producing Al Jahraa Field. It safely reached a Total Depth of 4,272 meters, several days ahead of schedule and under-budget.
Completion of the well and well-testing is now planned, and if successful, will be followed by an application to the Egyptian General Petroleum Corporation (EGPC) for a development lease.
Preliminary interpretations suggest the well encountered at least 10 meters net pay across a number of reservoir intervals, including the primary reservoir targets of the Abu Roash Formation. Evaluation of the well data is continuing, and a comprehensive plan for testing and completing the well is now planned. If successful, this will be followed by an application to EGPC for a development lease.
The ASX-1X well was drilled by the EDC-50 rig. It is the second exploration well to be drilled in 2021, adding and adds to the company’s subsurface understanding, providing further confidence in the exploration potential of the Abu Sennan license.
As part of the long-term planning to realize the full potential of the Abu Sennan license, the Company met the operator recently to discuss an indicative drilling program for 2022 and beyond. This program will include development wells to maintain production and exploration wells that have the potential to deliver large reserve and production upside, starting with an initial program of four wells in 2022. The planned investment demonstrates the exciting future potential that is recognized within Abu Sennan. We look forward to building on the impressive returns to date and maximizing output from this license in the years to come.
United holds a 22% working interest in the Abu Sennan license, which is operated by Kuwait Energy Egypt.
United’s Chief Executive Officer, Brian Larkin commented: “Today’s announcement is the fourth positive well result from Abu Sennan in 2021. With the well testing set to begin shortly, we look forward to understanding the full potential of the ASX-1X well. This is the second exploration well drilled in 2021 on Abu Sennan and gives us further confidence in the value of the remaining exploration potential of the license. We are also pleased to be planning the drilling campaign for next year and beyond.
“Plans are continuing to progress on finalizing the additional development well that has been added to the 2021 drilling program. The continued investment in Abu Sennan by the JV partners is testament to the potential which exists within the license, and we look forward to updating shareholders as we receive further results from the continuing 2021 campaign.”
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