United Oil and Gas announces spudding of ASX-1X exploration well in Egypt
United Oil & Gas, the growing oil and gas company with a portfolio of production, development, exploration and appraisal assets, announced the spudding of the ASX-1X exploration well in the Abu Sennan Licence in Egypt. United holds a 22% working interest in the Licence, which is operated by Kuwait Energy Egypt.
Brian Larkin, CEO, United Oil & Gas, commented: "There is considerable exploration potential in the Abu Sennan licence, and it is great to be actively drilling our second exploration well this year to further unlock that potential. We are delighted that the ASX-1X exploration well has been spudded and look forward to updating shareholders once the well has reached the target reservoirs."
The ASX-1X is a vertical exploration well is located c. 7km to the north of the producing Al Jahraa Field. The well is targeting a similar structure to the nearby discovery that was recently made at ASD-1X, with primary targets in the Abu Roash C and E reservoirs, and secondary targets in the deeper Bahariya and shallower Khoman Formations.
The ASX prospect had always ranked highly for United among the identified exploration targets in Abu Sennan, and with the de-risking provided by the positive result at ASD-1X only 11km away, and the short timeframe in which that discovery was put into production, the ASX-1X prospect has become a prioritised target.
The ASX-1X is expected to be the final well of the 2021 campaign, with longer-term plans for unlocking the additional potential in the Abu Sennan licence currently under discussion.