AIM-listed United Oil & Gas has provided an update on the Abu Sennan Licence, onshore Egypt. The Minister of Petroleum has approved the award of a development lease covering the ASD-1X discovery, which has commenced production with initial gross rates of 1,295 bopd (285 bopd net to UOG s working interest).
RNS Number: 5000 A United Oil& Gas PLC 02 June 2021/+ United Oil& Gas PLC/ Index: AIM/ Epic: UOG/ Sector: Oil& Gas. United Oil and Gas plc. United Oil&.
TRADING UPDATES: Block Energy 2020 revenue jumps; Kanabo loss narrows
Wed, 2nd Jun 2021 19:10
(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Wednesday and not separately reported by Alliance News:
Block Energy PLC - development and production company focused on Georgia - Reports revenue for 2020 of USD1.3 million compared to USD310,000 the year ago, resulting in pretax loss of USD5.5 million versus USD6.1 million in 2019. Block Energy says production of oil and gas from the two horizontal wells in its West Rustavi licence area was suspended in April 2020 to avoid selling oil at low prices. Despite that, the company says it sold 34,421 barrels, up from 5,210 barrels the year prior. Meanwhile, on February 15, the company says it has achieved its first gas sales.
09:00 Sat 08 May 2021
Proactive weekly oil and gas highlights: United Oil & Gas, Bahamas Petroleum, DGOC, Mosman, i3 Energy, JOG, Genel, 88 Energy, Zephyr
It was another active week in the small cap oil and gas sector.
United Oil & Gas PLC (LON:UOG) this week added another new discovery in Egypt after its partner Kuwait Energy submitted a notice of commercial discovery to the authorities. It comes as testing of the ASD-1X exploration well confirmed positive results.
The well encountered the lower Bahariya and Abu Roash C (ARC) reservoirs, and, performed positively in short term testing. In the Lower Bahariya reservoir, the well flowed at a maximum rate of 2,187 barrels oil equivalent per day (boepd) meanwhile the ARC reservoir measured a maximum rate of 1,489 boepd. United highlighted that the headline results exceed the company’s own internal expectations.