Business
Half Year 2023 Trading and Operations update
Half Year 2023 Trading and Operations update.
About this update from United Oil & Gas Plc
[{"type":"text","content":"\n\nUnited Oil & Gas PLC / Index: AIM / Epic: UOG / Sector: Oil & Gas\n \n18 July 2023\nUnited Oil & Gas plc\n(\"United\" or \"the Company\")\n \nHalf Year 2023 Trading and Operations update\n \nUnited Oil & Gas Plc (AIM: \"UOG\"), the full-cycle oil and gas company with a portfolio of production, development, exploration and appraisal assets, issues the following trading and operations update summarising recent operational activities, providing trading guidance in respect of the half year to 30 June 2023. This is in advance of the Company's half year results which will be released in September. The information contained herein has not been audited and may be subject to further review and amendment.\n \nEgypt, Abu Sennan (22% non-operated working interest, operated by Kuwait Energy Egypt)\nH1 2023 Production\nOil production from the Abu Sennan Licence in H1 2023 averaged 1,051 bopd (net to United's 22% working interest) with an additional 93 boepd net gas. The exit rate from the quarter was 1,011 bopd net, plus 111 boepd net gas.\n \n2023 Work Programme\nTwo development wells, ASH-8 and ASD-3, were drilled in the first half of the year. Both of these wells were successful and came onstream in March and May respectively. \n \nIn parallel to the development drilling, a number of workovers have also been completed, and have enhanced production from existing wells through low-cost interventions. Further workovers are planned as we continue through the second half of 2023.\n \nAfter producing for a number of months at rates in excess of 2,800 bopd (616 bopd net), production from the ASH-8 well is now declining. This is in line with expectations and the performance of the other production wells in the ASH Field. Based on our previous experience of the field, the impact of the decline is expected to be partially mitigated by the installation of artificial lift in the well during H2, and by continued production-enhancing workover activity across the Abu Sennan Licence.\n \nAdditional drilling in H2 2023 has now been agreed by the JV partners and is expected to commence in September. An exciting exploration prospect, ASM, lying to the south of the prolific ASD Field has been approved for exploration drilling, and following on from the success of ASH-8, an additional target...