United Oil & Gas Company PLC (UOG) announced that the ASX-1X exploration well at the Egyptian Abu Sennan license reached a total depth of 4,272 meters ahead of schedule, the company said in a press release.

The well encountered at least 10 meters net pay in several oil-bearing reservoirs, including targets at the Abu Roash Formation.

Evaluation of the well data is continuing, and a comprehensive plan for testing and completing the well is now planned. If successful, this will be followed by an application to EGPC for a development lease.

“Today’s announcement is the fourth positive well result from Abu Sennan in 2021. With the well testing set to begin shortly, we look forward to understanding the full potential of the ASX-1X well,” UOG’s CEO Brian Larkin said.

“Plans are continuing to progress on finalizing the additional development well that has been added to the 2021 drilling program. The continued investment in Abu Sennan by the JV partners is a testament to the potential which exists within the license, and we look forward to updating shareholders as we receive further results from the continuing 2021 campaign,” Larkin noted.

UOG holds a 22% working interest in the Abu Sennan license, which is operated by Kuwait Energy Egypt.