United Oil & Gas Plc (UOG) working interest production in Egypt averaged 1,024 barrels of oil equivalent per day (boe/d). This was divided into 946 barrels of oil per day (b/d) and 78 boe/d gas, for the year to 5 November 2023.
This comes is in line with the group’s full-year 2023 output guidance, which is between 930 and 1,030 boe/d. The full-year guidance includes production from the current wells and contributions from workover activity currently being undertaken on the fields.
Kuwait Energy Egypt Company (KEC), as the operator of the Abu Sennan license, informed the Joint Venture (JV) partners that drilling of the ASD S-1X exploration well is expected to start in the coming days, using the ECDC-6 rig.
The ASD S-1X well is the final well of the 2023 drilling campaign and is targeting an un-risked STOIIP estimated by United at c. 10 million barrels gross across multiple reservoirs intervals, including the primary Abu Roash-C and Abu Roash-E intervals.
“We are encouraged by the continued progress in relation to the farmout process in Jamaica, as we look to unlock the material value contained in this block and deliver value to our stakeholders, including the people of Jamaica. We are entering a critical stage in the farm-out process and will provide an update to the market as this progress,” United Chief Executive Officer, Brian Larkin said.
“In relation to our position in Egypt, we believe our assets there hold substantial value including the potential value from the upcoming exploration well, but the current economic conditions in Egypt present challenges. We will continue to work with all our local Egyptian stakeholders including EGPC and Kec to maximize value for our shareholders from these assets,” Larkin added.