EGYPT: United Oil & Gas Updates on the drilling of the ASH-8 development well in the Abu Sennan licence

Highlights

–       22 metres of net oil pay interpreted in the primary reservoir target

–       Following completion and testing, ASH-8 is expected to be immediately brought onstream through the existing ASH facilities

ASH-8

The ASH-8 development well, which spud on 22 January 2023, reached total depth of 3,999 metres on 21 February, ahead of schedule and significantly under budget. The well has now been logged and is interpreted to have encountered 22 metres of net oil pay in the primary Alam El Bueib reservoir target, in line with pre-drill expectations. The well will be completed and  tested in the coming days and can then be brought immediately onstream through the existing ASH facilities, adding additional production and revenue for United. United will provide a further update to the market once the well has been brought onstream and stabilised flow-rates have been established.

On completion, the ST-1 rig is planned to move to the ASD-3 location to drill the second development well in the 2023 drilling programme.

United Chief Executive Officer, Brian Larkin commented:

“We are pleased with the result from the ASH-8 well, which is in line with pre-drill expectations and provides a positive start to the 2023 drilling campaign. The well will now be tested before the rig is moved to the ASD-3 well location.  Successful development wells on the ASH field can be quickly brought on stream through existing facilities, generating immediate production and  revenue for the Company. We look forward to reporting on the initial stabilised flow-rates in due course, and to continuing our 2023 drilling programme with the ASD-3 development well.”