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Thursday, September 29, 2022
United Oil and Gas Company (UOG) in a recent release, reported that it has averaged a net oil and gas production rate of 1,552 barrels of oil equivalent per day (boe/pd) during the first half of 2022. The company also states its revenues reached $9.8 million during the half from its assets in Abu Sennan concession in Egypt.
The ASD-2 development well, the first in the 2022 Egyptian drilling campaign, continues to deliver strong production performance, the statement said and is expected to contribute 86% of the full-year production mix, compared to 82% forecast at the start of the year.
UOG said that its gas narrowed its full-year 2022 average group working interest production guidance to 1,450 – 1,500 boe/pd (vs 1,500-1,650 boe/pd previously guided) due to rescheduling of the 2022 drilling program in order to incorporate the results of seismic reprocessing prior to drilling the high impact ASH-4 development well which has now commenced drilling.
The company also expected a positive impact on year-end reserves after completing the drilling of ASD-2 and the seismic reprocessing over the ASH field.
Brian Larkin, CEO commented: “The company’s balance sheet is the strongest it has ever been and in the first half of the year we have continued an active work program across our portfolio of assets.
“We look forward to drilling both the ASH-4 development well and ASF-1X exploration well on the Abu Sennan license by the end of the year. Successful outcomes on these wells have the potential to significantly increase production levels, add reserves, and boost the longer-term value of the Abu Sennan license,” he added.
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