Business
Spudding of the AJ-13 Development Well, Egypt
Spudding of the AJ-13 Development Well, Egypt.
About this update from United Oil & Gas Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 1606S\n United Oil & Gas PLC\n 12 November 2021\n \n \n \n \n United Oil & Gas PLC / Index: AIM / Epic: UOG / Sector: Oil & Gas\n \n \n 12 November 2021\n \n \n United Oil and Gas Plc \n \n \n (\"United\" \"the Group\" or the \"Company\")\n \n \n \n \n \n Spudding of the AJ-13 Development Well, Egypt\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 announce the spudding of the Al Jahraa-13 development (\"AJ-13\") well in the Abu Sennan licence, onshore Egypt. \n \n \n \n \n \n Highlights\n \n \n · \n Drilling of the AJ-13 development well, which will target stacked Upper and Lower Bahariya reservoir targets, has commenced\n \n \n · \n The well will take approximately 65 days to drill and complete and is fully funded from operational cashflow\n \n \n · \n AJ-13 can rapidly be brought into production, generating revenue\n \n \n Following mobilisation of the ECDC-6 rig to site, the Company is pleased to note that the operators of the Abu Sennan Licence, Kuwait Energy Egypt, have notified the Joint Venture partners that the AJ-13 well has commenced drilling. \n \n \n \n \n \n The well, which is a follow up to the successful Al Jahraa-8 well, will target the Upper and Lower Bahariya reservoirs in the Al Jahraa Field. The well can be quickly tied into existing facilities, adding additional production and revenue for the Company. \n \n \n \n \n \n The AJ-13 well is the fifth and final well in the Abu Sennan 2021 drilling programme before the 2022 drilling programme begins, which is planned to consist of five exploration and development wells.\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 Brian Larkin, Chief Executive Officer commented\n \n \n \"Following the success of Al Jahraa-8, we are delighted to now be drilling the Al Jahraa-13 well, which can add immediate cash flow to the Company. There is extensive potential in the Abu Sennan licence as demonstrated by the drilling success so far and the Joint Venture partners are pleased to once again be testing this. \n \n \n \n \n \n \"In this high oil price...