• 13,900 boepd gross (3,060 boepd net working interest) average production from the Abu Sennan concession for the first half of June - a 69% increase compared to average April production (1,810 boepd net)
• Total production during that period has benefited from the ongoing testing of the El Salmiya-5 Well, with c. 4,000 bopd and in excess of 16 MMscf/d (7,200 boepd) contribution from the El Salmiya Field
• Independent reserves report by Gaffney Cline & Associates from the end of 2019 indicates an increase in reserves and contingent resources at Abu Sennan:
• 12.5% increase in Abu Sennan Gross 2P Reserves to 13.5 MMboe (15% gas) compared to 12 MMboe at the beginning of 2019, representing a 190% reserves replacement ratio
• Gross 1P reserves up by 76% to 4.2 MMboe and gross 3P reserves up by 46% to 28.6 MMboe (from 2.4 MMboe and 19.6 MMboe respectively at the beginning of 2019)
• Gross 2C contingent resource add of 0.73 MMboe
• Reserves upgrade does not include the recent drilling success at the El Salmiya-5 Well

Map source: UOG

Jonathan Leather, COO, United Oil & Gas Plc:
"It is really pleasing to see the Abu Sennan assets continuing to perform so strongly and the potential that we recognised in the assets being realised. Much as we expect the production at the El Salmiya-5 well to be choked back from the current levels, it is fair to say that net production of over 3,000 boepd at this stage has surpassed even our own high expectations for the Licence.

"We remain highly confident that the Licence has more to offer.  Further development at the ASH field is expected to deliver additional gas before the end of the year, further enhancing production and cashflow. We also see substantial exploration opportunity on the licence and are working towards optimising targets for further exploration drilling in due course. 

"This independent review of reserves should send a clear message about the strength of the Company's Egyptian assets and, together with our booked reserves at the Selva field in Italy, serves to highlight the considerable asset value behind United - a notable discrepancy when compared to our current market capitalisation. We look forward to working with our partners to maximise the value of those reserves for our shareholders."

KeyFacts Energy: United Oil and Gas Egypt country profile