United Oil & Gas PLC (AIM:UOG) told investors the Al Jahraa-13 development well (AJ-13), at the Abu Sennan licence, onshore Egypt, has been spud.
The well programme is expected to take 65 days as it aims for stacked Upper and Lower Bahariya reservoir targets.
The company said the well can rapidly be brought into production, generating revenue.
“Following the success of Al Jahraa-8, we are delighted to now be drilling the Al Jahraa-13 well, which can add immediate cash flow to the company,” said chief executive Brian Larkin.
“There is extensive potential in the Abu Sennan licence as demonstrated by the drilling success so far and the joint venture partners are pleased to once again be testing this.
“In this high oil price environment, we look forward to updating shareholders on operations and will update the market in due course on the progress of the well.”
AJ-13 will be the fifth and final well in the 2021 drill campaign at the Abu Sennan licence, which is 22% owned by United.
