News Oil & Gas

United Oil and Gas Completed Drilling Operations on ASW-1X Exploration Well


United Oil & Gas Plc (‘UOG’), the full-cycle oil and gas company with a portfolio of production, development, exploration and appraisal assets announces the completion of drilling operations on the ASW-1X exploration well in the Abu Sennan licence, onshore Egypt. United holds a 22% non-operating interest in the Abu Sennan licence, which is operated by Kuwait Energy Egypt (‘KEE’).

The ASW-1X well was drilled to a Total Depth of 3,640 metres, 10 days ahead of schedule and under budget. Although the well encountered net reservoir in the Abu Roash, Bahariya, and Alam El Bueib targets, the logs did not indicate the presence of hydrocarbons. The results from the ASW-1X will be integrated into our subsurface understanding of the Abu Sennan licence, and the additional data used to help prioritise future drilling locations.

The well will now be plugged and abandoned and the Sino Tharwa-1 rig will be mobilised to drill the first well of the 2023 drilling campaign. This will be the ASH-8 development well, targeting an undrilled area of the ASH field.

Details of the 2023 drilling programme will be given within our trading statement due to be issued in late January.

United Chief Executive Officer, Brian Larkin commented:

‘Although the results of the ASW-1X well are disappointing, the JV partners are positive about the remaining prospectivity on the licence and will continue to deliver the maximum value from it. We are looking forward to the 2023 drilling campaign, which will initially focus on further development of the asset by the drilling of ASH-8 followed by the ASD-3 well. These development wells are targeting the most prolific areas of the Abu Sennan licence, to maximise production before the drilling of at least one further exploration well in Abu Sennan later in the year. We look forward to updating the market with further details of planned activity across our portfolio later in January.’

Jonathan Leather, an Executive Director of the Company, who has over 20 years of relevant experience in the oil and gas industry, has reviewed and approved the information contained in this announcement. Dr Jonathan Leather is a qualified person as defined in the guidance note for Mining Oil & Gas Companies of the London Stock Exchange and is a member of the Petroleum Exploration Society of Great Britain and the Society of Petroleum Engineers.

This announcement contains inside information for the purposes of Article 7 of Regulation 2014/596/EU which is part of domestic UK law pursuant to the Market Abuse (Amendment) (EU Exit) regulations (SI 2019/310).

Contact:

Brian Larkin

CEO

E: brian.larkin@uogplc.com

Sharan Dhami

Head of IR & ESG

E: sharan.dhami@uogplc.com

Beaumont Cornish Limited

Nominated Adviser

Roland Cornish

Felicity Geidt

T: +44 (0) 20 7628 3396

Tennyson Securities

Joint Broker

Peter Krens

T: +44 (0) 020 7186 9030

Optiva Securities Limited

Joint Broker

Christian Dennis

T: +44 (0) 20 3137 1902

Camarco

Financial PR

Georgia Edmonds

Emily Hall

Sam Morris

T: +44 (0) 20 3757 4983

E: uog@camarco.co.uk

United Oil & Gas is a high growth oil and gas company with a portfolio of low-risk, cash generative production, development, appraisal and exploration assets across Egypt, UK and a high impact exploration licence in Jamaica.

The business is led by an experienced management team with a strong track record of growing full cycle businesses, partnered with established industry players and is well positioned to deliver future growth through portfolio optimisation and targeted acquisitions.

United Oil & Gas is listed on the AIM market of the London Stock Exchange. For further information on United Oil and Gas please visit www.uogplc.com.



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