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United Oil & Gas hires rig for Egypt drilling campaign
StockMarketWire.com
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Oil company United Oil & Gas said it had hired a rig for an upcoming drilling programme at the Abu Sennan licence in Egypt.
The EDC-50 rig was due to come on site before the end of the year, with drilling starting shortly thereafter.
A new development well, ASH-3, would take up to 60 days to drill and test, the company said.
A second well would be an exploration well, targeting Abu Roash reservoirs in the north of the Abu Sennan licence, close to the producing Al Jahraa field.
'This is a low risk well, located close to existing infrastructure, capable of being brought into production quickly,' United Oil & Ga said.
Average production rates on the Abu Sennan Licence for the second half of 2020 to 29 November are around 2,370 barrels of oil equivalent per day net to United's 22% working interest.
That was a 20% increase to the average first-half production achieved after United's entry to the licence at the end of February.
Average second-half production was likely to exceed the previous guidance of 2,300 boepd net, the company said.
Story provided by StockMarketWire.com
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