United Oil and Gas PLC (LON:UOG) has achieved a positive outcome in its drilling of the ASD-1X exploration well in the Abu Sennan concession.
Preliminary results suggest the ASD-1X exploration well encountered a total of at least 22mln net oil pay interpreted across a number of reservoirs, including the Abu Roash C , Abu Roash E, Lower Bahariya and Kharita formations.
Well-testing is now planned, and if successful, will be followed by an application to the Egyptian General Petroleum Corporation for a development lease over this new discovery.
United Oil and Gas holds a 22% working interest in the onshore licence, which is operated by Kuwait Energy Egypt.
“Today’s announcement is another positive result from Abu Sennan, which, initial interpretations suggest, is in line with our pre-drill estimates. With the well testing set to begin shortly, we look forward to understanding the full potential of the ASD-1X well,” said Brian Larkin, the chief executive officer of United Oil and Gas.
“A number of additional targets and leads have been identified within the Abu Sennan concession and the results of ASD-1X and other recent wells will better inform our understanding of the acreage. We will continue to work with our JV partners to prioritise these opportunities which can ultimately be brought into production in short time frames.
“With the EDC-50 rig moving to drill the AJ-8 development well after the completion of ASD-1X, we look forward to providing further updates on the continuing 2021 Abu Sennan drilling campaign,” Larkin added.
In a separate announcement, United Oil and Gas said the Italian government has given environmental approval for the development of the Selva natural gas field concession in Northern Italy, in which United Oil and Gas owns a 20% economic interest.