EGYPT: United Oil & Gas Provides Operations Update in the Abu Sennan licence

ASD-3 Well Spud

The ASD-3 development well has now commenced drilling. This well will be drilled approx. 1.2km to the north-west of the ASD-2 well which was drilled in March 2022, and which has recovered circa 400,000 bbls since it came on production just over a year ago. The ASD-3 well has primary targets in the Abu Roash-E (ARE) and Abu Roash-C (ARC) reservoirs, as well as secondary objectives in the Lower Bahariya. The well has a prognosed total depth of 3,649 metres, and is expected to take approx. 55 days to drill and complete.

Abu Sennan Production Update

United’s net oil production from Abu Sennan for Q1 2023 averaged 841 bopd. The exit rate for the quarter was 1,275 bopd oil and 170 boepd gas (1,445 boepd net) which incorporates the material contribution from the ASH-8 well, which has continued to flow at a stable rate with no water-cut since it came onstream on the 16 March 2023.

United Chief Executive Officer, Brian Larkin commented:

“We are happy to report that the next well in our 2023 drilling campaign has spud at ASD-3, in an area of the field we believe contains extensive unrecovered resources. We are excited by the potential that this well is planned to test and the follow-on development drilling targets it could unlock in a success case. It is also really pleasing to see the continued strong production performance from the ASH-8 well, which supports our view that there is significant long term value remaining in the Abu Sennan licence”.

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