Business
Abu Sennan Update, Award of Development Lease
Abu Sennan Update, Award of Development Lease.
About this update from United Oil & Gas Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 5000A\n United Oil & Gas PLC\n 02 June 2021\n \n \n \n \n /+United Oil & Gas PLC / Index: AIM / Epic: UOG / Sector: Oil & Gas\n \n \n \n \n \n 02 June 2021\n \n \n United Oil and Gas plc\n \n \n (\"United\" or \"the Company\")\n \n \n \n \n \n Abu Sennan Update and Approval of Award of Development Lease over ASD-1X Discovery \n \n \n \n \n \n United Oil & Gas PLC (AIM: \"UOG\"), the growing oil and gas company with a portfolio of production, development, exploration and appraisal assets, is pleased to provide an update on the Abu Sennan Licence, Egypt in which United holds a 22% non-operating interest. \n \n \n \n \n \n Highlights\n \n \n · \n Approval from the Minister of Petroleum of the award of a development lease covering the ASD-1X discovery\n \n \n · \n Commencement of production from the ASD-1X well with initial gross rates of 1,295 bopd (285 bopd net to UOG's working interest) \n \n \n o \n Commencement of production from the ASD-1X exploration well achieved less than two months from the announcement of the initial discovery in April 2021\n \n \n · \n Successful workover at the ASH-1ST2 well, adding over 1,000 bopd gross (220 bopd net) to production from the ASH Field\n \n \n \n \n \n United Chief Executive Officer, Brian Larkin commented:\n \n \n \"The speed at which the Joint Venture is developing Abu Sennan is demonstrative of the excitement we share for the long-term potential of the licence, which continues to deliver for the Company. Today's announcement is yet more positive news, with the approval of the development lease at ASD-1X and the start of production from that well. We would also expect this result to add to the proven reserves on the licence. \n \n \n \n \n \n \"In tandem with exploration success in Abu Sennan, the encouraging result from the ASH-1ST2 workover will provide a further boost to production, and will also help increase our understanding of the ASH Field. \n \n \n \n \n \n \"With the EDC-50 rig still drilling the Al Jahraa-8 development well, we look forward to providing further updates on the continuing 2021 Abu Sennan drilling campaign in due course.\"\n \n \n \n \n \n \n \n \n Approval of Development Lease at the ASD-1X Discovery\n \n \n The ASD-1X exploration well, loc...