By Jaime Llinares Taboada
United Oil & Gas PLC said Thursday that another development well intersected oil at its 22%-owned Abu Sennan license onshore Egypt.
The oil-and-gas company said the Al Jahraa-14 well encountered seven meters of net oil pay in the primary reservoir, at the higher end of pre-drill estimates.
The secondary target was interpreted to have intersected an oil-water contact. However, a full logging suite was not acquired over this interval due to technical difficulties.
UOG said that both the primary and the secondary targets are planned to be tested and completed.
“We are very excited about the remaining wells in the 2022 drilling program, with the ASH-4 development well targeting 2.2 million barrels gross before the drilling of the final well in our 2022 programme, the high impact exploration well ASF-1X which is targeting over 8 million barrels gross,” Chief Executive Brian Larkin said.
Shares at 0834 GMT were down 1.5% at 1.63 pence.
Write to Jaime Llinares Taboada at [email protected]; @JaimeLlinaresT
Credit: www.marketwatch.com /