United Oil & Gas says ASH-3 well to deliver production lift

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The ASH-3 well was delivered ahead of schedule and under budget.
United Oil & Gas PLC (LON:UOG) told investors the ASH-3 production well at the Abu Sennan project, in Egypt, will begin initial testing in the coming days.
A company statement reported the well encountered 27.5 metres of net pay in the Alem El Buieb (AEB) reservoir.
It was spudded on January 4 and reached a target depth of 4,087 metres on February 8, which was around five days ahead of schedule and was delivered under budget.
United expects an uplift in production as the well comes online.
It will be tested and completed in the coming days, and brought immediately online through the existing ASH field facilities.
“We are very encouraged with the initial results of the ASH 3 well and we are delighted that it has been delivered safely, ahead of schedule and under budget by our licence partners,” said Brian Larkin, United chief executive.
“We anticipate the well will deliver a further uplift to our low-cost production base, an encouraging result ahead of the spudding of our forthcoming exploration well and the remainder of our 2021 work, all of which is fully funded from operating cash flow.”
“To date the ASH Field has produced close to 2 million barrels of oil, with current production rates at over 5,000 boepd, and we believe significant further potential exists within the licence.”
The drill rig will move to the north, to drill the ASD-1X exploration well.
ASD-1X is targeting the Abu Roash reservoirs in the 4-way dip-closed Prospect D structure. It could be quickly brought into production, subject to results.



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