It is the “greatest time to be in the industry”, United Oil & Gas CEO Brian Larkin told Energy Voice, following the announcement of the company’s interim results.
The joint venture working at Abu Sennan has started production from a well only two months after the discovery, United Oil & Gas has said.
The ASD-1X, in Egypt’s Abu Sennan, is a commercial discovery, United Oil & Gas reported, saying a second well had been spudded on May 2.
Kuwait Energy has tested the ASH-3 well in Egypt at 6,379 barrels per day of oil and 6.7 million cubic feet per day of gas.
Kuwait Energy Egypt has begun drilling the ASH-3 well, in Egypt’s Abu Sennan licence, with work expected to take around 60 days.
Kuwait Energy has signed up a drilling rig for work on the Abu Sennan concession and is making progress on the ASH-2 pipeline.
United Oil & Gas (UOG) has increased its net production from Egypt’s Abu Sennan concession by 69%, while also reporting a reserve boost.
Testing of Egypt’s El Salmiyah-5 has seen the well flow at rates of around 8,700 barrels of oil equivalent per day, United Oil & Gas has reported.
A pipeline has been completed at the Al Jahraa field, in Egypt, allowing gas sales to begin and eliminating flaring, United Oil & Gas has reported.
United Oil & Gas’ purchase of Rockhopper Exploration’s stake in Egypt’s Abu Sennan licence has been pushed back, but the results from a recent well make clear the rationale behind the deal.
Drilling is pressing ahead in Egypt for small producers, such as TransGlobe Energy and Rockhopper Exploration.
United Oil & Gas has returned to trading on London’s Alternative Investment Market (AIM) and is nearing completion of its acquisition of a stake in Egypt’s Abu Sennan licence.