StockMarketWire.com - United Oil & Gas said a development well in Egypt had significantly outperformed expectations.

The El Salmiyah-5 well on the Abu Sennan concession, of which the company had a 22% interest, encountered a 120 metre net pay across four hydrocarbon-bearing intervals.

Well tests achieved flow rates of 4,100 barrels of oil per day, with a further 18m standard cubic feet of gas, making a combined flow of around 8,700 barrels of oil equivalent per day.

'As a development well into a known field, the El Salmiyah-5 well was always expected to encounter hydrocarbons,' chief executive Brian Larkin said.

'However, with a headline figure of around 8,700 boepd achieved on test from the primary target in the Kharita, it is fair to say the results have significantly exceeded our pre-drill expectations.'


At 2:39pm: [LON:UOG] United Oil Gas Plc share price was +0.78p at 2.93p



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