{"id":10213,"date":"2021-04-14T09:29:41","date_gmt":"2021-04-14T09:29:41","guid":{"rendered":"https:\/\/oilnewskenya.com\/?p=10213"},"modified":"2021-04-14T09:33:57","modified_gmt":"2021-04-14T09:33:57","slug":"egypt-united-oil-and-gas-reports-material-upgrade-to-abu-sennan-reserves","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/egypt-united-oil-and-gas-reports-material-upgrade-to-abu-sennan-reserves\/","title":{"rendered":"EGYPT: United Oil and Gas Reports Material Upgrade to Abu Sennan Reserves"},"content":{"rendered":"

Highlights:<\/span><\/strong><\/p>\n

\u00b7\u00a0\u00a0\u00a0\u00a0<\/span>Independent reserves and resources report, relevant to end 2020, by Gaffney Cline & Associates\u00a0 indicates material increase in reserves at Abu Sennan:<\/span><\/p>\n

o\u00a0\u00a0<\/span>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<\/span><\/p>\n

o\u00a0\u00a0<\/span>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)<\/span><\/p>\n

\u00b7\u00a0\u00a0\u00a0\u00a0<\/span>Significant additional growth opportunities evaluated in the report, noting 21 exploration prospects, many with multiple reservoir targets<\/span>\u00a0<\/span><\/p>\n

Reserves<\/span><\/strong><\/p>\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.\u00a0<\/span><\/p>\n

The report indicates that gross 2P reserves have increased to 16.8 MMboe (15% gas) compared to 13.5 MMboe at the end of 2019. This is an annual increase of 24%, and given that c. 3.3 MMboe was produced from the Abu Sennan assets during 2020, indicates a reserves replacement ratio for 2020 of 198%. Gross 1P and 3P reserves have also increased, and are up by 59% to 6.7 MMboe and 21% to 34.7 MMboe respectively (from 4.2 MMboe and 28.6 MMboe at the beginning of 2020).<\/span>\u00a0<\/span><\/p>\n

Applying United’s 22% working interest to the gross 2P reserves gives 3.7 MMboe, up from 2.97 MMboe at the end of 2019.<\/span>\u00a0<\/span><\/p>\n

The Independent Reserves Report has an effective date of 31st<\/sup>\u00a0December 2020, and has not incorporated the results of the successful ASH-3 and ASD-1X wells that were drilled since the start of 2021.<\/span><\/p>\n

Table 1. Reconciliation of Abu Sennan Reserves as at 31st<\/sup>\u00a0December 2020\u00a0with Reserves as at 31st<\/sup>\u00a0December 2019\u00a0on a Gross Field basis<\/span><\/p>\n

\u00a0<\/span><\/p>\n\n\n\n\n\n\n\n
\n

\n<\/td>\n

\n

Gross Field Reserves\u00a0<\/span>(MMboe)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

End 2019<\/span><\/p>\n<\/td>\n

\n

Exploration Adds<\/span><\/p>\n<\/td>\n

\n

2020 Production<\/span><\/p>\n<\/td>\n

\n

Revisions<\/span><\/p>\n<\/td>\n

\n

End 2020<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Proved (1P)<\/span><\/p>\n<\/td>\n

\n

4.179<\/span><\/p>\n<\/td>\n

\n

0<\/span><\/p>\n<\/td>\n

\n

-3.297<\/span><\/p>\n<\/td>\n

\n

5.773<\/span><\/p>\n<\/td>\n

\n

6.655<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Proved + Probable (2P)<\/span><\/p>\n<\/td>\n

\n

13.526<\/span><\/p>\n<\/td>\n

\n

0.134<\/span><\/p>\n<\/td>\n

\n

-3.297<\/span><\/p>\n<\/td>\n

\n

6.391<\/span><\/p>\n<\/td>\n

\n

16.754<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Proved + Probable + Possible (3P)<\/span><\/p>\n<\/td>\n

\n

28.589<\/span><\/p>\n<\/td>\n

\n

0.269<\/span><\/p>\n<\/td>\n

\n

-3.297<\/span><\/p>\n<\/td>\n

\n

9.123<\/span><\/p>\n<\/td>\n

\n

34.685<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Prospective Resources<\/span><\/p>\n

The report also included an evaluation of 21 exploration prospects located within the Abu Sennan concession, of which the largest has gross best estimate Prospective Resources of 5 MMboe and a 35% chance of success.<\/span>\u00a0<\/span><\/p>\n

United’s Chief Executive Officer,\u00a0Brian Larkin\u00a0commented:<\/span>\u00a0<\/span><\/p>\n

“It is really pleasing to see the Abu Sennan assets continuing to perform so strongly, and so consistently, with a reserves replacement ratio of over 190% for the second year in a row.<\/span>\u00a0<\/span><\/p>\n

“We remain confident that the Licence has much more to offer, and indeed, these upgraded reserve numbers take no account of the successes already achieved so far during the 2021 drilling campaign. This report significantly increases our understanding of the potential of this asset, pointing to 21 potential exploration targets. With further development drilling due to commence shortly at Al Jahraa, and further development and exploration targets identified across the licence, we are looking forward to further news flow and growth from Abu Sennan, both in the coming months and in the longer-term.”<\/span><\/p>\n

\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Highlights: \u00b7\u00a0\u00a0\u00a0\u00a0Independent reserves and resources report, relevant to end 2020, by Gaffney Cline & Associates\u00a0 indicates material increase in reserves at Abu Sennan: o\u00a0\u00a024% increase in Abu Sennan Gross 2P … Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":9146,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[7442,7446,11],"tags":[7450,9238,9080,8715,709,4268,8878],"class_list":["post-10213","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-countries","category-north-africa","category-top-news","tag-abu-sennan","tag-al-jahraa","tag-asd-1x","tag-ash-3","tag-egypt","tag-gaffney-cline-associates","tag-united-oil-and-gas","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/09\/EGYPT-Abu-Madi-West-Development-Lease.jpg?fit=512%2C361&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-2EJ","jetpack-related-posts":[{"id":8421,"url":"https:\/\/www.oilnewskenya.com\/index.php\/egypt-abu-sennan-reserves-upgrade-production-update\/","url_meta":{"origin":10213,"position":0},"title":"EGYPT: Abu Sennan Reserves Upgrade, Production Update","author":"","date":"June 24, 2020","format":false,"excerpt":"United Oil & Gas Plc has provided the following update on the Abu Sennan concession, Egypt in which UOG holds a 22% working interest. This includes a production update covering the first half of June and the results of an Independent Reserves Report which estimates gross 2P reserves at Abu\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/06\/Abu-Sennan.png?fit=591%2C472&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/06\/Abu-Sennan.png?fit=591%2C472&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/06\/Abu-Sennan.png?fit=591%2C472&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":10839,"url":"https:\/\/www.oilnewskenya.com\/index.php\/egypt-united-oil-and-gas-provides-operations-update\/","url_meta":{"origin":10213,"position":1},"title":"EGYPT: United Oil and Gas Provides Operations Update","author":"","date":"September 7, 2021","format":false,"excerpt":"Production Update H1 2021 production from the seven producing fields which make up the Abu Sennan licence \u00a0net to the Company's working interest averaged 2,730 boepd \u00a0in line with full-year guidance of 2,500 to 2,700\u00a0 boepd. \u00a0 The ASH field, which currently has three wells in production has performed exceptionally,\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/06\/Egypt-Abu-Sennan.jpg?fit=750%2C406&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/06\/Egypt-Abu-Sennan.jpg?fit=750%2C406&ssl=1&resize=350%2C200 1x, 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