United Oil & Gas PLC Completion of the ASH Gas Pipeline (0627K)
December 30 2020 - 2:00AM
UK Regulatory
TIDMUOG
RNS Number : 0627K
United Oil & Gas PLC
30 December 2020
United Oil & Gas PLC / Index: AIM / Epic: UOG / Sector: Oil
& Gas
30 December 2020
United Oil and Gas plc
("United" or "the Company")
Completion of the ASH Gas Pipeline
-- ASH gas pipeline completed on 27th December, contributing an
additional 5.45 MMscf/d (1,090 boepd) gross
-- Gas recovery rates improved across the Abu Sennan Licence (the "Licence")
-- Environmental performance enhanced across the Licence
United Oil & Gas PLC (AIM: "UOG"), the growing oil and gas
company with a portfolio of production, development, exploration
and appraisal assets, is pleased to announce the completion of the
ASH gas pipeline in the Abu Sennan Licence, Egypt. United hold a
22% working interest in the Licence, which is operated by Kuwait
Energy Egypt.
The ASH gas pipeline, which links the ASH Field to the existing
gas processing facilities at El Salmiya, within the Abu Sennan
Licence, was completed safely, on time and under budget in December
and was successfully brought onstream on 27(th) December 2020. Over
the last two days, the pipeline has delivered an average of
5.45MMscf/d of gas (1,090boepd) on a gross basis, equating to an
additional 1.2MMscf/d (240 boepd) net to United's working
interest). These initial flow rates are in line with United's
expectations.
The delivery of the Ash Gas pipeline has not only increased the
environmental efficiency of the Abu Sennan Licence, but has also
increased gas recovery rates across the licence.
Further, with the gas pipeline online ahead of the completion of
the ASH-3 well, any gas produced from that well can now be
monetised more efficiently.
United Chief Executive Officer, Brian Larkin commented:
"Since United entered the Abu Sennan licence, the joint venture
partners have made excellent progress in increasing production, not
just through drilling activity but also through low capital
expenditure on infrastructure development. We look forward to
further progress in 2021 with the recommencement of drilling
activities, starting with the ASH-3 development well."
**ENDS**
Jonathan Leather, an Executive Director of the Company, who has
over 20 years of relevant experience in the oil and gas industry,
has reviewed and approved the information contained in this
announcement. Dr Jonathan Leather is a qualified person as defined
in the guidance note for Mining Oil & Gas Companies of the
London Stock Exchange and is a member of the Petroleum Exploration
Society of Great Britain and the Society of Petroleum
Engineers.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR").
Glossary:
boepd - barrels of oil equivalent per day
MMscf/d - million standard cubic feet per day
United Oil & Gas Plc (Company)
Brian Larkin, CEO brian.larkin@uogplc.com
Beaumont Cornish Limited (Nominated
Adviser)
Roland Cornish and Felicity Geidt +44 (0) 20 7628 3396
Optiva Securities Limited (Joint
Broker)
Christian Dennis +44 (0) 20 3137 1902
Cenkos Securities Plc (Joint Broker)
Joe Nally (Corporate Broking) +44 (0) 20 7397 8900
Derrick Lee and Pete Lynch +44 (0) 131 220 6939
Murray (PR Advisor) +353 (0) 87 6909735
Joe Heron jheron@murrayconsultants.ie
Camarco (Financial PR/IR)
Billy Clegg +44 (0) 20 3757 4983
Georgia Edmonds uog@camarco.co.uk
James Crothers
Notes to Editors
United Oil & Gas is a high growth oil and gas company with a
portfolio of low-risk, cash generative production and development
assets across Egypt, UK, Italy and a high impact exploration
licence in Jamaica.
Led by an experienced management team with a strong track record
of growing full cycle businesses and partnered with established
industry players, the Company is well positioned to deliver future
growth through portfolio optimisation and targeted
acquisitions.
United Oil & Gas is listed on the AIM market of the London
Stock Exchange. For further information on United Oil and Gas
please visit https://www.uogplc.com/
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END
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