United Oil & Gas plc has announced a material increase in oil and gas reserves from an independent evaluation of the Abu Sennan concession in Egypt.
A report by Gaffney Cline & Associates showed a 24% increase in Abu Sennan gross 2P reserves to 16.8 MMboe (15% gas) from 13.5 MMboe at the beginning of 2020.
This represents a near 200% reserves replacement ratio, before the recent drilling at the ASH-3 and ASD-1X wells.
Gross 1P reserves have risen by 59% to 6.7 MMboe and gross 3P reserves by 21% to 34.7 MMboe (from 4.2 MMboe and 28.6 MMboe respectively at the beginning of 2020).
The report also evaluated “significant additional growth opportunities”, notably 21 exploration prospects, many of which had multiple reservoir targets.
The largest of these has gross best estimate prospective resources of 5 MMboe and a 35% chance of success.
United holds a 22% working interest in the Abu Sennan licence which is operated by Kuwait Energy Egypt.
The company’s 22% working interest to the gross 2P reserves gives it an increase from 2.97 MMboe (2019 end) to 3.7 MMboe.
The report, dated 31 December 2020, has not included the results of the ASH-3 and ASD-1X wells drilled since the start of 2021.
United is also shortly expected to start further development drilling at Al Jahraa and at development and exploration targets identified across the licence.
“It is really pleasing to see the Abu Sennan assets continuing to perform so strongly, and so consistently, with a reserves replacement ratio of over 190% for the second year in a row,” said United’s chief executive Brian Larkin.
“We remain confident that the licence has much more to offer, and indeed, these upgraded reserve numbers take no account of the successes already achieved so far during the 2021 drilling campaign.”