Highlights

• 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
• 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)

The results of an Independent Reserves Report that was completed on the Abu Sennan concession at the end of 2020 by Gaffney, Cline & Associates, using PRMS definitions for Reserves and Resources, has now become available to United. 

The report indicates that gross 2P reserves have increased to 16.8 MMboe (15% gas) compared to 13.5 MMboe at the end of 2019. This is an annual increase of 24%, and given that c. 3.3 MMboe was produced from the Abu Sennan assets during 2020, indicates a reserves replacement ratio for 2020 of 198%. Gross 1P and 3P reserves have also increased, and are up by 59% to 6.7 MMboe and 21% to 34.7 MMboe respectively (from 4.2 MMboe and 28.6 MMboe at the beginning of 2020).

Applying United's 22% working interest to the gross 2P reserves gives 3.7 MMboe, up from 2.97 MMboe at the end of 2019.

The Independent Reserves Report has an effective date of 31st December 2020, and has not incorporated the results of the successful ASH-3 and ASD-1X wells that were drilled since the start of 2021.

United's Chief Executive Officer, Brian Larkin commented:
"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.

"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. This report significantly increases our understanding of the potential of this asset, pointing to 21 potential exploration targets. With further development drilling due to commence shortly at Al Jahraa, and further development and exploration targets identified across the licence, we are looking forward to further news flow and growth from Abu Sennan, both in the coming months and in the longer-term."

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