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.