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Material Upgrade to Abu Sennan Reserves
Material Upgrade to Abu Sennan Reserves.
About this update from United Oil & Gas Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 3690V\n United Oil & Gas PLC\n 14 April 2021\n \n \n \n \n United Oil & Gas PLC / Index: AIM / Epic: UOG / Sector: Oil & Gas\n \n \n \n \n \n 14 April 2021\n \n \n \n \n \n United Oil and Gas plc \n \n \n (\"United\" or \"the Company\")\n \n \n \n \n \n Independent Reserves Report Results - Material Upgrade to Abu Sennan Reserves\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 the following reserves update on the Abu Sennan concession, onshore Egypt (the \"Licence\"). \n \n \n \n \n \n United holds a 22% working interest in the Licence, which is operated by Kuwait Energy Egypt. \n \n \n \n \n \n Highlights:\n \n \n · \n Independent reserves and resources report, relevant to end 2020, by Gaffney Cline & Associates (\"Independent Reserves Report\") indicates material increase in reserves at Abu Sennan:\n \n \n o \n 24% increase in Abu Sennan Gross 2P Reserves to 16.8 MMboe (15% gas) from 13.5 MMboe at the beginning of 2020, representing a near 200% reserves replacement ratio, before the recent drilling success at the ASH-3 and ASD-1X wells\n \n \n o \n Gross 1P reserves up by 59% to 6.7 MMboe and gross 3P reserves up by 21% to 34.7 MMboe (from 4.2 MMboe and 28.6 MMboe respectively at the beginning of 2020)\n \n \n · \n Significant additional growth opportunities evaluated in the report, noting 21 exploration prospects, many with multiple reservoir targets\n \n \n \n \n \n Reserves\n \n \n The results of an Independent Reserves Report that was completed on the Abu Sennan concession at the end of 2020 by Gaffney, Cline & Associates, using PRMS definitions for Reserves and Resources, has now become available to United. The comparison with the last reported Reserves as at 31 December 2019 on a Gross Field basis are summarised in Table 1, below. \n \n \n \n \n \n A summary of the reserves and resource volumes taken from the report is included in the Appendix, and the full Independent Reserves and Resources Report will be available on the Company's website at \n \n \n https://www.uogplc.com/investors/reports-presentations-and-meetings/\n \n \n \n \n \n \n \n The repor...