United Updates ASV-1X Well Drilling and Egypt Production

Tuesday, April 19, 2022

United Oil & Gas PLC provided an update on the drilling operations for the ASV-1X Well in Egypt’s Al Jahraa field and provided a production update for Q1 out of the North African country.

• Q1 2022 production averaged 1,567 boepd (1,267 bopd oil and 300 boepd gas) net to United, in line with H1 2022 guidance of 1,500-1,650 boepd
• The first well in the 2022 drilling campaign, the ASD-2 development well, started production at the end of March
• ASV-1X exploration well has commenced drilling; this is the second well of the five-well 2022 drilling campaign

All of United’s production for the period was from United’s 22% non-operating interest in the Abu Sennan license, Egypt, which is operated by Kuwait Energy Egypt (KEE). This data will vary quarter on quarter as development, appraisal and exploration operations continue.

The ASV-1X exploration well commenced drilling on the 14 April targeting mean recoverable resources estimated by United at c.2.6 mmbbls gross. The primary targets are sandstone Abu Roash “C” (ARC) reservoirs, similar to those currently in production at the Al Jahraa field. The target for this well is in a fault-bounded structure in the east of the license. This is the largest undrilled ARC structure on the Abu Sennan license. The ARC is currently in production from a number of fields (Al Jahraa, ASZ, ASX, ASD, El Salmiya) along a proven trend in the north of the license area. Success in this reservoir at ASV-1X would extend the play to the south and east, potentially de-risking additional prospects in this area for future drilling targets. The well will also penetrate the Kharita reservoir as a stacked secondary target. The well is expected to be drilled and completed in approximately two months.

United will be releasing its results for the full year ending December 31, 2021 on April 26, 2022.

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