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United Oil & Gas ups reserves estimates in Egypt
StockMarketWire.com
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Oil company United Oil & Gas announced a reserves upgrade for its Abu Sennan concession onshore Egypt, of which it owned a 22% stake.
A reported prepared by Gaffney Cline & Associates indicated a 24% increase in Abu Sennan gross proven and probable, or 2P reserves, to 16.8 million barrels of oil equivalent.
Gross proven, or 1P, reserves rose by 59% to 6.7 million BOE and proven, probable and possible, or 3P reservs, by 21% to 34.7 million BOE.
United Oil & Gas also said that significant additional growth opportunities were evaluated in the report, noting 21 exploration prospects, many with multiple reservoir targets.
At 10:05am: (LON:UOG) United Oil Gas Plc share price was 0p at 2.45p
Story provided by StockMarketWire.com
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