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United Oil & Gas welcomes award of development lease in Egypt
StockMarketWire.com
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Oil company United Oil & Gas said a development lease had been awarded for the development of a discovery at the Abu Sennan Licence in Egypt, of which the company owns 22%.
Approval had been won from the country's petroleum minister and involved a lease covering the ASD-1X discovery.
Production had commenced from the ASD-1X well with initial gross rates of 1,295 barrels of oil per day.
United Oil & Gas said the commencement of production was achieved less than two months from the announcement of the initial discovery in April.
At 9:10am: (LON:UOG) United Oil Gas Plc share price was 0p at 2.45p
Story provided by StockMarketWire.com
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