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Abu Sennan Reserves Upgrade and Investor Call
Abu Sennan Reserves Upgrade and Investor Call.
About this update from United Oil & Gas Plc
[{"type":"text","content":"\n \n \n RNS Number : 8561Q\n United Oil & Gas PLC\n 24 June 2020\n \n \n \n \n 24 June 2020\n \n \n United Oil & Gas PLC (\"United\" or the \"Company\") \n \n \n Abu Sennan Reserves Upgrade, Production Update, and Details of Investor Call\n \n \n \n \n \n Highlights\n \n \n · \n 13,900 boepd gross (3,060 boepd net working interest) average production from the Abu Sennan concession for the first half of June - a 69% increase compared to average April production (1,810 boepd net)\n \n \n · \n Total production during that period has benefited from the ongoing testing of the El Salmiya-5 Well, with c. 4,000 bopd and in excess of 16 MMscf/d (7,200 boepd) contribution from the El Salmiya Field\n \n \n · \n Independent reserves report by Gaffney Cline & Associates (\"Independent Reserves Report\") from the end of 2019 indicates an increase in reserves and contingent resources at Abu Sennan:\n \n \n o \n 12.5% increase in Abu Sennan Gross 2P Reserves to 13.5 MMboe (15% gas) compared to 12 MMboe at the beginning of 2019, representing a 190% reserves replacement ratio\n \n \n o \n Gross 1P reserves up by 76% to 4.2 MMboe and gross 3P reserves up by 46% to 28.6 MMboe (from 2.4 MMboe and 19.6 MMboe respectively at the beginning of 2019)\n \n \n o \n Gross 2C contingent resource add of 0.73 MMboe\n \n \n o \n Reserves upgrade does not include the recent drilling success at the El Salmiya-5 Well\n \n \n · \n The Company will hold an investor call at 11:00am on Thursday 25 June 2020, the details of which are provided below \n \n \n \n \n \n United Oil & Gas Plc (AIM: \"UOG\"), the AIM listed oil and gas exploration, development and production company, is pleased to provide the following update on the Abu Sennan concession, Egypt (\"Abu Sennan\") in which UOG holds a 22% working interest. This includes a production update covering the first half of June and the results of an Independent Reserves Report which estimates gross 2P reserves at Abu Sennan increased to 13.5 MMboe from 12 MMboe over the course of 2019 following drilling success.\n \n \n \n \n \n Production \n \n \n Production from the Abu Sennan concession has continued to outperform the Company's pre-completion expectations, with production from the first half of June averaging 13,900 boepd gross (3,060 boepd n...