United Oil & Gas (UOG)

Sector:

Energy Producers

Index:

FTSE AIM All-Share

 0.090p
   
  • Change Today:
      0.000p
  • 52 Week High: 0.32p
  • 52 Week Low: 0.068p
  • Currency: UK Pounds
  • Shares Issued: 1,915.88m
  • Volume: 22,057,413
  • Market Cap: £1.72m
  • RiskGrade: 324
  • Beta: 0.01

United Oil announces spudding of latest Abu Sennan well

By Josh White

Date: Tuesday 06 Dec 2022

LONDON (ShareCast) - (Sharecast News) - United Oil announced the spudding of the ASW-1X exploration well in the Abu Sennan licence, onshore Egypt, on Tuesday.
The AIM-traded firm holds a 22% non-operating interest in the licence, which is operated by Kuwait Energy Egypt (KEE).

It said that following mobilisation of the Sinotharwa-1 rig to site, KEE had notified the joint venture partners that the well had now started drilling.

The exploration well was the fifth and final well to spud in the 2022 campaign, and was targeting unrisked mean recoverable resources estimated by United at around million gross barrels in multiple reservoirs.

United Oil said the ASW-1X prospect had been derisked by the HF36-5X discovery made in an adjacent block in 2020, and by the results of the 2022 seismic reprocessing on Abu Sennan, which provided improved imaging and definition of the ASW targets.

If successful, the well was expected to be quickly tied into existing facilities, adding additional production and revenue for the company.

"The ASW-1X well is targeting significant recoverable resources across multiple separate horizons," said chief executive officer Brian Larkin.

"This key exploration well fits with the joint venture's exploration strategy of not only directly targeting significant volumes, but also for the potential to de-risk a number of other similar structures in this part of the licence.

"In the case of a commercial discovery, ASW-1X would be completed as a production well and, subject to the granting of a development permit, be brought into production thereafter."

At 1330 GMT, shares in United Oil & Gas were up 4.54% at 1.44p.

Reporting by Josh White for Sharecast.com.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

UOG Market Data

Currency UK Pounds
Share Price 0.090p
Change Today 0.000p
% Change 0.00 %
52 Week High 0.32p
52 Week Low 0.068p
Volume 22,057,413
Shares Issued 1,915.88m
Market Cap £1.72m
Beta 0.01
RiskGrade 324

UOG Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
72.24% above the market average72.24% above the market average72.24% above the market average72.24% above the market average72.24% above the market average
50.72% above the sector average50.72% above the sector average50.72% above the sector average50.72% above the sector average50.72% above the sector average
Price Trend
88.95% below the market average88.95% below the market average88.95% below the market average88.95% below the market average88.95% below the market average
70.27% below the sector average70.27% below the sector average70.27% below the sector average70.27% below the sector average70.27% below the sector average
Income Not Available
Growth
34.80% above the market average34.80% above the market average34.80% above the market average34.80% above the market average34.80% above the market average
44.68% above the sector average44.68% above the sector average44.68% above the sector average44.68% above the sector average44.68% above the sector average

UOG Dividends

No dividends found

Trades for 02-Apr-2025

Time Volume / Share Price
15:48 500,000 @ 0.090p
15:42 10,000 @ 0.085p
15:42 2,632 @ 0.095p
15:42 3,517 @ 0.095p
15:42 10,526 @ 0.095p

UOG Key Personnel

CEO Brian Larkin

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