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United Oil & Gas PLC reserves replacement impressive, says Cenkos
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United Oil & Gas PLC (AIM: UOG ), the growing oil and gas company with a portfolio of production, development, exploration and appraisal assets is pleased to provide the following reserves update on the Abu Sennan concession, onshore Egypt (the Licence ). Highlights: · Independent reserves and resources report, relevant to end 2020, by Gaffney Cline & Associates ( Independent Reserves Report ) indicates material increase in reserves at Abu Sennan: o 24% increase in Abu Sennan Gross 2P Reserves to 16.8 MMboe (15% gas) from 13.5 MMboe at the beginning of 2020, representing a near 200% reserves replacement ratio, before the recent drilling success at the ASH-3 and ASD-1X wells o Gross 1P reserves up by 59% to 6.7 MMboe and gross 3P reserves up by 21% to 34.7 MMboe (from 4.2 MMboe and 28.6 MMboe respectively at the beginning of 2020)
Egypt: United Oil and Gas announces material Uugrade to Abu Sennan reserves
14 Apr 2021
United Oil & Gas has provided a reserves update on the
Abu Sennan concession, onshore Egypt. United holds a 22% working interest in the Licence, which is operated by
Kuwait Energy Egypt.
Highlights:
Independent reserves and resources report, relevant to end 2020, by Gaffney Cline & Associates ( Independent Reserves Report ) indicates material increase in reserves at Abu Sennan:
24% increase in Abu Sennan Gross 2P Reserves to 16.8 MMboe (15% gas) from 13.5 MMboe at the beginning of 2020, representing a near 200% reserves replacement ratio, before the recent drilling success at the ASH-3 and ASD-1X wells
United Oil & Gas PLC s shares jump on better-than-expected reserves increase at Abu Sennan concession
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