Egyptian update - ASD S-1X exploration well

United Oil & Gas PLC (AIM: "UOG"), the full-cycle oil and gas company with a portfolio of production, development, exploration and appraisal assets is pleased to announce an update on the ASD S-1X exploration well ("ASD S-1X") on the ASD south prospect in the Abu Sennan licence, onshore Egypt. United holds a 22% working interest in the licence, which is operated by Kuwait Energy Egypt.

Summary

The ASD S-1X well commenced drilling on 11 November and reached a total depth of 3450 metres on 12 December, ahead of schedule and under budget.

The well has subsequently been logged and petrophysical analysis by the operator indicates the presence of a total of 9.5 metres of net pay across the targeted Abu Roash C (AR-C), Abu Roash D (AR-D), Abu Roash E (AR-E), Bahriya and Kharita formations, with 6 metres net pay encountered in the primary AR-C reservoir. The well will now be completed and tested in the coming days, with a further update once test results have been received from the operator.

If the flow test results prove the presence of a commercial hydrocarbon accumulation for this exploration well, an application for a development lease will be submitted to Egypt General Petroleum Corporation for this area ASD S.

The completion of the ASD S-1X well will conclude the drilling programme for the Abu Sennan License in 2023. A comprehensive drilling programme for 2024 is being finalised with the JV partners on the Abu Sennan Licence and is anticipated to start in early January with the drilling of the ASH-10 development well on the ASH Field.

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United Chief Executive Officer, Brian Larkin commented,

"We are pleased with the petrophysical analysis from the ASD S-1X exploration well which shows the presence of net pay of 9.5 metres of hydrocarbons and look forward to the results of the testing over the coming days. The additional data from the testing will enhance our understanding of the potential in this area of the licence. This brings to an end our 2023 drilling programme."

Paul Ryan, who has over 18 years of relevant experience in the oil and gas industry, has reviewed and approved the information contained in this announcement. Paul Ryan is a qualified person as defined in the guidance note for Mining Oil & Gas Companies of the London Stock Exchange and is a member of the Petroleum Exploration Society of Great Britain and the Society of Petroleum Engineers.