AIM-listed United Oil & Gas has announced 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. The ASW-1X well, which was drilled to a total depth of 3,640 m, is 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 the trading statement due to be issued in late January.
United CEO, 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."
