{"id":12193,"date":"2022-04-26T08:39:31","date_gmt":"2022-04-26T08:39:31","guid":{"rendered":"https:\/\/www.oilnewskenya.com\/?p=12193"},"modified":"2022-04-26T08:39:31","modified_gmt":"2022-04-26T08:39:31","slug":"egypt-united-oil-and-gas-provides-abu-sennan-licence-2022-outlook","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/egypt-united-oil-and-gas-provides-abu-sennan-licence-2022-outlook\/","title":{"rendered":"EGYPT: United Oil and Gas Provides Abu Sennan licence 2022 Outlook"},"content":{"rendered":"<p><strong>Post- period<\/strong><\/p>\n<ul>\n<li>Commencement of the 2022 five-well drilling campaign with the ASD-2 development well, which encountered at least 25.5 metres of net pay and started production\u00a0end-March 2022<\/li>\n<li>Second well in the drilling campaign, the ASV-1X exploration well commenced drilling on\u00a014 April 2022<\/li>\n<\/ul>\n<p><strong>2022 Guidance\u00a0<\/strong><\/p>\n<ul>\n<li>Group working interest production in Egypt for the full year 2022 is forecast to average between \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,500 &#8211; 1,650 boepd net;<\/li>\n<\/ul>\n<p>&#8211;\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Includes production from current wells with historical decline rates applied, and production from the two further development wells to be drilled this year which are expected to come on stream Q3\/Q4 2022<\/p>\n<p>&#8211;\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Does not include any contribution from our two planned exploration wells<\/p>\n<ul>\n<li>Group cash capital expenditure for the full year is forecasted to be approx.$7.2m, fully funded from existing operations<\/li>\n<\/ul>\n<p>&#8211;\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0circa\u00a0$6.8m\u00a0to be invested in\u00a0Egypt, on five wells, eight workovers, and facility upgrades<\/p>\n<p><strong>Outlook &#8211; Focused on growth<\/strong><\/p>\n<ul>\n<li>Cash generation is expected to continue strongly throughout 2022 in line with low-cost production leveraged to higher commodity price environment<\/li>\n<li>United&#8217;s balance sheet has been significantly strengthened recently via completion of divestments and the debt refinancing providing a platform for growth<\/li>\n<\/ul>\n<ul>\n<li>Multiple growth opportunities exist in our current portfolio<\/li>\n<\/ul>\n<p>&#8211;\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Egypt through developing discovered resources, low-cost production and high impact exploration potential in a proven hydrocarbon basin<\/p>\n<ul>\n<li>Pursuit of new business opportunities in line with our investment criteria<\/li>\n<\/ul>\n<p class=\"a\"><span class=\"amz\">&#8220;The oil price has started the year high, we have a balanced full cycle portfolio, a fully funded drilling and work programme in Egypt<span class=\"ajo\">,<\/span> engagement with potential partners on the Jamaica farm-out, and we have exciting new opportunities under review,&#8221; &#8211;\u00a0 says UOG Chair Graham Martin.<\/span><\/p>\n<p class=\"a\"><span class=\"amz\">&#8220;Our Egypt production base continues to deliver operational cash flow, and this, combined with our portfolio management initiatives, ensure that United remains in a strong position to execute our strategy. <\/span><span class=\"amz\">We enter 2022 as a producing, cash generative business, with a complementary portfolio of low-risk development and exploration in Egypt. We have had a great start to the year, with the encouraging result achieved on the first well in the 2022 drilling campaign,&#8221; concludes UOG CEO Brian Larkin.<\/span><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Post- period Commencement of the 2022 five-well drilling campaign with the ASD-2 development well, which encountered at least 25.5 metres of net pay and started production\u00a0end-March 2022 Second well in &hellip; <a href=\"https:\/\/www.oilnewskenya.com\/index.php\/egypt-united-oil-and-gas-provides-abu-sennan-licence-2022-outlook\/\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":12040,"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":[8712,10410,709,8878],"class_list":["post-12193","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-countries","category-north-africa","category-top-news","tag-abu-sennan-licence","tag-asd-2","tag-egypt","tag-united-oil-and-gas","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/03\/Egypt-Abu-Sennan-2.png?fit=591%2C472&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-3aF","jetpack-related-posts":[{"id":12098,"url":"https:\/\/www.oilnewskenya.com\/index.php\/egypt-kuwait-energy-commences-production-from-the-asd-2-well\/","url_meta":{"origin":12193,"position":0},"title":"EGYPT: Kuwait Energy Commences Production from the ASD-2 well","author":"","date":"March 28, 2022","format":false,"excerpt":"United Oil & Gas PLC has announced an update on the ASD-2 development well in the Abu Sennan licence, onshore Egypt. United holds a 22% working interest in the licence, which is operated by Kuwait Energy Egypt.\u00a0 Highlights \u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0The ASD-2 well has commenced production at an initial rate of c.\u2026","rel":"","context":"In &quot;Countries&quot;","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\/2022\/03\/Egypt-Abu-Sennan-2.png?fit=591%2C472&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/03\/Egypt-Abu-Sennan-2.png?fit=591%2C472&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/03\/Egypt-Abu-Sennan-2.png?fit=591%2C472&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":13201,"url":"https:\/\/www.oilnewskenya.com\/index.php\/united-oil-and-gas-provides-trading-operations-update-guidance-for-2023\/","url_meta":{"origin":12193,"position":1},"title":"United Oil and Gas Provides Trading &#038; Operations Update &#038; Guidance for 2023","author":"","date":"January 26, 2023","format":false,"excerpt":"Egypt, Abu Sennan licence (22% working interest) Full year 2022 production averaged 1,312 boepd net (1,137 bopd oil and 175 boepd gas), in line with revised production guidance of 1,300-1,325 boepd. 2022 Egypt work programme The 2022 work programme consisted of three development wells, two exploration wells and eight workovers.\u2026","rel":"","context":"In &quot;Countries&quot;","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\/2022\/12\/Egypt-Abu-sennan-3-e1670314306748.png?fit=379%2C320&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":11714,"url":"https:\/\/www.oilnewskenya.com\/index.php\/egypt-kuwait-energy-commences-2022-drilling-programme\/","url_meta":{"origin":12193,"position":2},"title":"EGYPT: Kuwait Energy Commences 2022 Drilling Programme","author":"","date":"January 27, 2022","format":false,"excerpt":"United Oil & Gas has announced the spudding of the ASD-2\u00a0development well\u00a0in the Abu Sennan licence, onshore Egypt.\u00a0\u00a0 Highlights \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02022 Abu Sennan drilling campaign has commenced with the spud of the ASD-2 development well \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0\u2026","rel":"","context":"In &quot;Countries&quot;","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\/2022\/01\/Egypt-Abu-Sennan-1.png?fit=874%2C581&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/01\/Egypt-Abu-Sennan-1.png?fit=874%2C581&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/01\/Egypt-Abu-Sennan-1.png?fit=874%2C581&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/01\/Egypt-Abu-Sennan-1.png?fit=874%2C581&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":11511,"url":"https:\/\/www.oilnewskenya.com\/index.php\/egypt-united-oil-and-gas-announces-successful-result-at-al-jahraa-13-well\/","url_meta":{"origin":12193,"position":3},"title":"EGYPT: United Oil and Gas  Announces Successful Result at Al Jahraa-13 Well","author":"","date":"January 4, 2022","format":false,"excerpt":"United Oil & Gas has provided an update on the drilling of the Al Jahraa-13 development well (AJ-13) in the Abu Sennan licence, onshore Egypt.\u00a0 Highlights \u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0AJ-13 development well encountered 17.5m of net pay in the oil-bearing Upper and Lower Bahariya reservoir targets \u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0The well reached Total Depth (TD) several\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":12694,"url":"https:\/\/www.oilnewskenya.com\/index.php\/egypt-united-oil-gas-half-year-2022-results\/","url_meta":{"origin":12193,"position":4},"title":"EGYPT: United Oil &#038; Gas Half-year 2022 results","author":"","date":"September 27, 2022","format":false,"excerpt":"United Oil & Gas PLC\u00a0(AIM: \"UOG\"), the growing oil and gas company with a portfolio of production, development, exploration and appraisal assets is pleased to announce\u00a0its unaudited financial and operating results for the half year ended 30 June 2022. \u00a0A\u00a0shareholder call will take place this morning, details are below.\u00a0 Brian\u2026","rel":"","context":"In &quot;Countries&quot;","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\/2022\/03\/Egypt-Abu-Sennan-2.png?fit=591%2C472&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/03\/Egypt-Abu-Sennan-2.png?fit=591%2C472&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/03\/Egypt-Abu-Sennan-2.png?fit=591%2C472&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":10897,"url":"https:\/\/www.oilnewskenya.com\/index.php\/egyptian-united-oil-gas-provides-asx-1x-well-2022-drilling-programme-update\/","url_meta":{"origin":12193,"position":5},"title":"EGYPTIAN: United Oil &#038; Gas Provides ASX-1X Well &#038; 2022 Drilling Programme Update","author":"","date":"September 23, 2021","format":false,"excerpt":"Highlights -\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0ASX-1X exploration well encountered at least 10m net pay in a number of oil-bearing reservoirs -\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Completion of the well and\u00a0well-testing is now planned, and if successful, will be followed by an application to\u00a0the Egyptian General Petroleum Corporation\u00a0(\"EGPC\") for a development lease.\u00a0 The ASX-1X well is located 7km to the\u2026","rel":"","context":"In &quot;Countries&quot;","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, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/06\/Egypt-Abu-Sennan.jpg?fit=750%2C406&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/06\/Egypt-Abu-Sennan.jpg?fit=750%2C406&ssl=1&resize=700%2C400 2x"},"classes":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/12193","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/comments?post=12193"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/12193\/revisions"}],"predecessor-version":[{"id":12194,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/12193\/revisions\/12194"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media\/12040"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=12193"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=12193"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=12193"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}