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United Oil & Gas urges caution as excitement builds over ASH-2 well

The well hit 50m of net oil pay while flow rates of 7,000 bopd were achieved on test.

United Oil & Gas PLC -

United Oil & Gas PLC (LON:UOG) has warned investors to exercise caution over the potential at the ASH-2 well in Egypt after local media reports sparked a surge in its shares.

In a statement, Brian Larkin, United Oil and gas’s chief executive, said while the results so far are encouraging ‘it would be premature to draw any further conclusions on the oil volumes associated with the well, or the sustainable production rates that may be possible from it’.

ASH-2 is on the Abu Sennan concession in Egypt, where UOG has agreed to buy a 22% stake from Rockhopper Exploration (LON:RKH).

The well hit 50m of net oil pay while flow rates of 7,000 bopd were achieved on test.

Larkin added that testing is still in progress and added that it is worth emphasising that these [flow rate] results could be significantly lower than the initial test.

United Oil expects to complete the deal with Rockhopper early in 2020.

UOG shares jumped 19% to 3.73p.

Quick facts: United Oil & Gas PLC

Price: 1.55 GBX

Market: AIM
Market Cap: £9.6 m

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