TIDMUOG

RNS Number : 3690V

United Oil & Gas PLC

14 April 2021

United Oil & Gas PLC / Index: AIM / Epic: UOG / Sector: Oil & Gas

14 April 2021

United Oil and Gas plc

("United" or "the Company")

Independent Reserves Report Results - Material Upgrade to Abu Sennan Reserves

United Oil & Gas PLC (AIM: "UOG"), the growing oil and gas company with a portfolio of production, development, exploration and appraisal assets is pleased to provide the following reserves update on the Abu Sennan concession, onshore Egypt (the "Licence").

United holds a 22% working interest in the Licence, which is operated by Kuwait Energy Egypt.

Highlights:

-- Independent reserves and resources report, relevant to end 2020, by Gaffney Cline & Associates ("Independent Reserves Report") indicates material increase in reserves at Abu Sennan:

o 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

o 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)

-- Significant additional growth opportunities evaluated in the report, noting 21 exploration prospects, many with multiple reservoir targets

Reserves

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 comparison with the last reported Reserves as at 31 December 2019 on a Gross Field basis are summarised in Table 1, below.

A summary of the reserves and resource volumes taken from the report is included in the Appendix, and the full Independent Reserves and Resources Report will be available on the Company's website at https://www.uogplc.com/investors/reports-presentations-and-meetings/

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 31(st) 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.

Table 1. Reconciliation of Abu Sennan Reserves as at 31(st) December 2020 with Reserves as at 31(st) December 2019 on a Gross Field basis

 
                                           Gross Field Reserves (MMboe) 
                        End 2019    Exploration    2020 Production    Revisions    End 2020 
                                        Adds 
                      ----------  -------------  -----------------  -----------  ---------- 
     Proved (1P)         4.179           0             -3.297           5.773       6.655 
                      ----------  -------------  -----------------  -----------  ---------- 
  Proved + Probable 
         (2P)            13.526        0.134           -3.297           6.391       16.754 
                      ----------  -------------  -----------------  -----------  ---------- 
  Proved + Probable 
    + Possible (3P)      28.589        0.269           -3.297           9.123       34.685 
                      ----------  -------------  -----------------  -----------  ---------- 
 

Notes:

1. Revisions are due to production performance in 2020, the results of wells drilled in late 2019 and 2020, notably ASH-2 and El Salmiya-5, and the maturation of the ASH gas development from Contingent Resources to Reserves.

2. The exploration add is the AR-G reservoir at El Salmiya; in the 1P case, all potentially recoverable volumes fall beyond the economic limit given the current development plan

   3.    Totals may not exactly equal the sum of the individual entries due to rounding 
   4.    United holds a 22% net working interest in the Abu Sennan concession 

Prospective Resources

The report also included an evaluation of 21 exploration prospects located within the Abu Sennan concession, of which the largest has gross best estimate Prospective Resources of 5 MMboe and a 35% chance of success.

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."

Broker update

The Company is pleased to confirm that Optiva Securities Limited now continues as the Company's sole Broker.

**S**

Jonathan Leather, an Executive Director of the Company, who has over 20 years of relevant experience in the oil and gas industry, has reviewed and approved the information contained in this announcement. Dr Jonathan Leather is a qualified person as defined in the guidance note for Mining Oil & Gas Companies of the London Stock Exchange and is a member of the Petroleum Exploration Society of Great Britain and the Society of Petroleum Engineers.

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018 ("UK MAR").

   Glossary:              '1P'  means Proved Reserves 

'2P' means Proved plus Probable Reserves

'3P' means Proved plus Probable plus Possible Reserves

Bscf means Billion Cubic Feet

boe means Barrels of oil equivalent

bbl, bbls means barrel, barrels

bbl/d means barrels per day

M means thousand

MM means million

NPV means net present value

PRMS means the 2018 Petroleum Resource Management System (SPE)

SPE means Society of Petroleum Engineers

'Prospective Resources' means those quantities of petroleum estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. Prospective Resources have both an associated chance of discovery and a chance of development. They are further subdivided in accordance with the level of certainty associated with recoverable estimates assuming their discovery and development and may be sub-classified based on project maturity.

'Proved Reserves' means those quantities of petroleum which, by analysis of geological and engineering data, can be estimated with reasonable certainty to be commercially recoverable, from a given date forward, from known reservoirs and under current economic conditions, operating methods, and government regulation - Proved reserves can be categorized as developed or undeveloped

'Probable Reserves' are those unproved reserves which analysis of geological and engineering data suggests are more likely than not to be recoverable. In this context, when probabilistic methods are used, there should be at least a 50% probability that the quantities actually recovered will equal or exceed the sum of estimated proved plus probable reserves

'Possible Reserves' are those unproved reserves which analysis of geological and engineering data suggests are less likely to be recoverable than probable reserves. In this context, when probabilistic methods are used, there should be at least a 10% probability that the quantities actually recovered will equal or exceed the sum of estimated proved plus probable plus possible reserves

 
United Oil & Gas Plc (Company) 
Brian Larkin, CEO                             brian.larkin@uogplc.com 
 Beaumont Cornish Limited (Nominated 
  Adviser) 
Roland Cornish and Felicity Geidt             +44 (0) 20 7628 3396 
 Optiva Securities Limited Broker 
Christian Dennis                              +44 (0) 20 3137 1902 
 Murray (PR Advisor) 
Joe Heron                                     +353 (0) 87 6909735 
                                               jheron@murrayconsultants.ie 
 Camarco (Financial PR/IR) 
Billy Clegg                                   +44 (0) 20 3757 4983 
 James Crothers                                uog@camarco.co.uk 
 

Notes to Editors

United Oil & Gas is a high growth oil and gas company with a portfolio of low-risk, cash generative production and development assets across Egypt, UK, Italy and a high impact exploration licence in Jamaica.

Led by an experienced management team with a strong track record of growing full cycle businesses and partnered with established industry players, the Company is well positioned to deliver future growth through portfolio optimisation and targeted acquisitions.

United Oil & Gas is listed on the AIM market of the London Stock Exchange. For further information on United Oil and Gas please visit https://www.uogplc.com/

Appendix: Summary from Year End 2020 Reserves and Resources, Abu Sennan, Egypt, prepared for United Oil & Gas plc, April 2021

Note that United's policy is to quote working interest volumes, whereas GaffneyCline quotes net economic entitlement under the PSC that governs the asset.

Summary

The Abu Sennan concession is governed by a Production Sharing Contract (PSC). Seven development licences cover the eight fields that have already been discovered and put into production. An exploration licence covers the rest of the concession area. Oil and gas Reserves are attributed to six of the eight fields (two are no longer producing). Prospective Resources are attributed to a number of exploration Prospects that have been identified within the concession area. No Contingent Resources are currently identified.

Reserves Summary

The oil and gas Reserves attributable to UOG in Abu Sennan as at 31(st) December 2020 are shown in Table 1. The Reserves shown in Table 1 are expressed as a total in barrels of oil equivalent (boe) in Table 2. Gas volumes are converted to oil equivalent volumes using a conversion factor of 5.0 Mscf/boe (commensurate with the high calorific content of the gas).

Table 1 : Summary of Reserves

as at 31(st) December 2020

(a) Oil

 
    Status                       Gross Field                      WI                   Net Entitlement 
                                    (MBbl)                        (%)                       (MBbl) 
                Proved   Proved +       Proved + Probable+              Proved   Proved +       Proved + Probable+ 
                          Probable           Possible                             Probable           Possible 
               -------  ----------  --------------------------         -------  ----------  -------------------------- 
 Developed       5,825      10,657                      16,173   22.0      545         997                       1,512 
               -------  ----------  --------------------------  -----  -------  ----------  -------------------------- 
 Undeveloped         0       3,532                      11,851               0         330                         849 
               -------  ----------  --------------------------  -----  -------  ----------  -------------------------- 
 Total           5,825      14,189                      28,023             545       1,328                       2,361 
               -------  ----------  --------------------------  -----  -------  ----------  -------------------------- 
 

(b) Gas

 
    Status                       Gross Field                      WI                   Net Entitlement 
                                    (Bscf)                        (%)                       (Bscf) 
                Proved   Proved +       Proved + Probable+              Proved   Proved +       Proved + Probable+ 
                          Probable           Possible                             Probable           Possible 
               -------  ----------  --------------------------         -------  ----------  -------------------------- 
 Developed        4.15        9.35                       19.47   22.0     0.39        0.87                        1.82 
               -------  ----------  --------------------------  -----  -------  ----------  -------------------------- 
 Undeveloped      0.00        3.48                       13.84            0.00        0.33                        1.08 
               -------  ----------  --------------------------  -----  -------  ----------  -------------------------- 
 Total            4.15       12.83                       33.31            0.39        1.20                        2.90 
               -------  ----------  --------------------------  -----  -------  ----------  -------------------------- 
 

Notes:

1. Gross Field Reserves are 100% of the volumes estimated to be commercially recoverable from the asset under the intended development plan.

2. Net Entitlement Reserves are UOG's net economic entitlement under the PSC that governs this asset.

   3.     Totals may not exactly equal the sum of the individual entries due to rounding. 

Table 2 : Summary of Reserves as at 31(st) December 2020

Expressed in Oil Equivalent Volumes (Mboe)

 
   Status                       Gross Field                      WI                   Net Entitlement 
                                   (Mboe)                        (%)                       (Mboe) 
              Proved  Proved + Probable   Proved + Probable +         Proved  Proved + Probable   Proved + Probable + 
                                               Possible                                                Possible 
              ------  -----------------  ---------------------        ------  -----------------  --------------------- 
Developed      6,655             12,527                 20,066  22.0     623              1,172                  1,876 
              ------  -----------------  ---------------------  ----  ------  -----------------  --------------------- 
Undeveloped        0              4,227                 14,618             0                396                  1,065 
              ------  -----------------  ---------------------  ----  ------  -----------------  --------------------- 
Total          6,655             16,754                 34,685           623              1,568                  2,941 
              ------  -----------------  ---------------------  ----  ------  -----------------  --------------------- 
 

Note:

1. The Reserves shown in this Table are the sum of the oil and gas Reserves shown separately in Table 1, gas volumes being converted to oil equivalent volumes using a conversion factor of 5.0 Mscf/boe.

   2.      Totals may not exactly equal the sum of the individual entries due to rounding. 

A summary of changes in Gross Field Reserves (in boe) since 31(st) December 2019 is shown in Table 3.

Table 3 : Reconciliation of Reserves as at 31(st) December 2020

with Reserves as at 31(st) December 2019

 
            Case                                     Gross Field Reserves 
                                                            (Mboe) 
                               End 2019  Exploration Adds  2020 Production  Revisions  End 2020 
                               --------  ----------------  ---------------  ---------  -------- 
Proved                            4,179                 0      -3,297         5,773       6,655 
                               --------  ----------------  ---------------  ---------  -------- 
Proved + Probable                13,526               134      -3,297         6,391      16,754 
                               --------  ----------------  ---------------  ---------  -------- 
Proved + Probable + Possible     28,589               269      -3,297         9,123      34,685 
                               --------  ----------------  ---------------  ---------  -------- 
 

Notes:

1. Revisions are due to production performance in 2020, the results of wells drilled in late 2019 and 2020, notably ASH-2 and El Salmiya-5, and the maturation of the ASH gas development from Contingent Resources to Reserves.

2. The exploration add is the AR-G reservoir at El Salmiya; in the 1P case, all potentially recoverable volumes fall beyond the economic limits given the current development plan.

   3.     Totals may not exactly equal the sum of the individual entries due to rounding. 

A breakdown of the Gross Field Reserves to the individual field and reservoir level is shown in Table 4.

Table 4 : Field and Reservoir Level Breakdown of Reserves

as at 31(st) December 2020

 
     Field         Reservoir              Gross Field Oil Reserves                   Gross Field Gas Reserves 
                                                   (MBbl)                                      (Bscf) 
                                  Proved      Proved +         Proved +      Proved      Proved +          Proved + 
                                              Probable        Probable+                  Probable         Probable+ 
                                                               Possible                                    Possible 
                                 -------  ---------------  ---------------  -------  ----------------  --------------- 
 Al Jahraa(2)         AR-C         2,752            5,736            9,969     0.00              0.00             0.00 
                ---------------  -------  ---------------  ---------------  -------  ----------------  --------------- 
              AR-D                    57              227              570     0.00              0.00             0.00 
 ------------------------------  -------  ---------------  ---------------  -------  ----------------  --------------- 
              AR-G                    71              205            1,145     0.00              0.00             0.00 
 ------------------------------  -------  ---------------  ---------------  -------  ----------------  --------------- 
           L Bahariya                 65              389            1,508     0.54              2.60             7.64 
 ------------------------------  -------  ---------------  ---------------  -------  ----------------  --------------- 
          AR-E (Jah-7)                13               21               35     0.00              0.00             0.00 
 ------------------------------  -------  ---------------  ---------------  -------  ----------------  --------------- 
           U Bahariya                 18               61              203     0.00              0.00             0.00 
 ------------------------------  -------  ---------------  ---------------  -------  ----------------  --------------- 
          L Bahariya II               10               33              135     0.00              0.00             0.00 
 ------------------------------  -------  ---------------  ---------------  -------  ----------------  --------------- 
            Sub-Total              2,985            6,673           13,564     0.54              2.60             7.64 
 ------------------------------  -------  ---------------  ---------------  -------  ----------------  --------------- 
  El Salmiya          AR-C            13              234              774     0.00              0.58             2.16 
                ---------------  -------  ---------------  ---------------  -------  ----------------  --------------- 
              AR-E                   273              849            1,751     0.00              0.00             0.00 
 ------------------------------  -------  ---------------  ---------------  -------  ----------------  --------------- 
              AR-G                     0              134              261     0.00              0.00             0.00 
 ------------------------------  -------  ---------------  ---------------  -------  ----------------  --------------- 
             Kharita                 250              414              909     1.40              2.86             9.94 
 ------------------------------  -------  ---------------  ---------------  -------  ----------------  --------------- 
            Sub-Total                536            1,632            3,695     1.40              3.44            12.10 
 ------------------------------  -------  ---------------  ---------------  -------  ----------------  --------------- 
      ASA             AR-C            32                0                0     0.00              0.00             0.00 
                ---------------  -------  ---------------  ---------------  -------  ----------------  --------------- 
              AR-E                   144              348              750     0.00              0.00             0.00 
 ------------------------------  -------  ---------------  ---------------  -------  ----------------  --------------- 
            Sub-Total                175              348              750     0.00              0.00             0.00 
 ------------------------------  -------  ---------------  ---------------  -------  ----------------  --------------- 
      ASH             AEB          1,830            5,116            9,162     2.20              6.78            13.56 
                ---------------  -------  ---------------  ---------------  -------  ----------------  --------------- 
      ASZ             AR-C           298              421              852     0.00              0.00             0.00 
                ---------------  -------  ---------------  ---------------  -------  ----------------  --------------- 
             Total                 5,825           14,189           28,023     4.15             12.83            33.31 
                                 -------  ---------------  ---------------  -------  ----------------  --------------- 
 

Notes:

   1.      The Reserves shown here equate to the Reserves shown in Table 1. 
   2.      Al Jahraa volumes shown here include Al Jahraa SE. 

3. No Reserves are attributed to the ZZ and Al Ahmadi fields, or to reservoirs not listed here.

   4.      Totals may not exactly equal the sum of the individual entries due to rounding. 

Prospective Resources Summary

The Prospective Resources attributable to UOG in Abu Sennan as at 31(st) December 2020 are shown in Table 5. Only the potential volumes estimated to lie within the Abu Sennan licence area are reported here. GaffneyCline has not examined the economics of any of these Prospects, some of which are very small.

Prospective Resources are shown both as gross volumes and net to UOG on a Working Interest basis, i.e. UOG's Working Interest fraction of the gross volumes. These do not represent UOG's actual Net Entitlement under the terms of the PSC that governs the asset, which would be lower. Net Working Interest is quoted here since the Prospective Resources are not yet sufficiently mature to estimate the associated production profiles and costs that are needed to calculate the Net Entitlement.

Table 5 : Summary of Oil Prospective Resources (Prospects)

as at 31(st) December 2020

(a) Outside the Existing Development Areas

 
         Prospect               Gross (MBbl)       WI      Net (WI Basis) (MBbl)    P(g) 
                                                    (%)                               (%) 
                             1U     2U      3U            1U       2U        3U 
                            -----  -----  ------         -----  --------  -------- 
   ASX(3)         AR-C        241    692   1,438   22       53       152       316   29 
               -----------  -----  -----  ------  -----  -----  --------  --------  ----- 
           AR-E               180    407     812            40        90       179   22 
 -------------------------  -----  -----  ------  -----  -----  --------  --------  ----- 
           AR-G                60    306     763            13        67       168   27 
 -------------------------  -----  -----  ------  -----  -----  --------  --------  ----- 
     ASU          AR-G          3     25      64   22        1         5        14   43 
               -----------  -----  -----  ------  -----  -----  --------  --------  ----- 
        L Bahariya             40    114     233             9        25        51   39 
 -------------------------  -----  -----  ------  -----  -----  --------  --------  ----- 
     ARQ          AR-C         87    217     439   22       19        48        97   45 
               -----------  -----  -----  ------  -----  -----  --------  --------  ----- 
           AR-E                57    202     454            12        44       100   34 
 -------------------------  -----  -----  ------  -----  -----  --------  --------  ----- 
           AR-G               109    316     666            24        69       146   28 
 -------------------------  -----  -----  ------         -----  --------  --------  ----- 
        L Bahariya             55    195     455            12        43       100   34 
 -------------------------  -----  -----  ------  -----  -----  --------  --------  ----- 
    ASG-I         AR-C         68    151     287   22       15        33        63   34 
               -----------  -----  -----  ------  -----  -----  --------  --------  ----- 
           AR-E                26     88     193             6        19        43   25 
 -------------------------  -----  -----  ------  -----  -----  --------  --------  ----- 
           AR-G                53    111     198            12        24        44   21 
 -------------------------  -----  -----  ------         -----  --------  --------  ----- 
        L Bahariya             20     37      66             4         8        15   25 
 -------------------------  -----  -----  ------  -----  -----  --------  --------  ----- 
   ASG-II         AR-C         44     93     172   22       10        20        38   34 
               -----------  -----  -----  ------  -----  -----  --------  --------  ----- 
           AR-E                51    102     184            11        22        41   25 
 -------------------------  -----  -----  ------  -----  -----  --------  --------  ----- 
           AR-G                41     83     141             9        18        31   21 
 -------------------------  -----  -----  ------         -----  --------  --------  ----- 
        L Bahariya             14     30      56             3         7        12   25 
 -------------------------  -----  -----  ------  -----  -----  --------  --------  ----- 
     ASF          AR-G        212    872   2,027   22       47       192       446   30 
               -----------  -----  -----  ------  -----  -----  --------  --------  ----- 
         Bahariya             124    561   1,334            27       123       294   26 
 -------------------------  -----  -----  ------  -----  -----  --------  --------  ----- 
            AEB                48    166     375            11        37        83   34 
 -------------------------  -----  -----  ------  -----  -----  --------  --------  ----- 
     ASK          AR-G        148    346     681   22       32        76       150   20 
               -----------  -----  -----  ------  -----  -----  --------  --------  ----- 
         Bahariya              80    236     654            18        52       144   16 
 -------------------------  -----  -----  ------  -----  -----  --------  --------  ----- 
            AEB                86    205     417            19        45        92   20 
 -------------------------  -----  -----  ------  -----  -----  --------  --------  ----- 
Salmiya West      AR-C        156    384     896   22       34        84       197   35 
               -----------  -----  -----  ------  -----  -----  --------  --------  ----- 
           AR-E               102    246     481            22        54       106   35 
 -------------------------  -----  -----  ------  -----  -----  --------  --------  ----- 
         Bahariya             192    363     615            42        80       135   42 
 -------------------------  -----  -----  ------         -----  --------  --------  ----- 
          Kharita             904  1,506   2,373           199       331       522   36 
 -------------------------  -----  -----  ------  -----  -----  --------  --------  ----- 
SW Al Ahmadi      AR-C      1,567  5,030  13,532   22      345     1,107     2,977   35 
               -----------  -----  -----  ------  -----  -----  --------  --------  ----- 
         Bahariya           1,349  3,543   7,193           297       779     1,583   24 
 -------------------------  -----  -----  ------  -----  -----  --------  --------  ----- 
 

Continued on next page

(a) Outside the Existing Development Areas (continued)

 
          Prospect                Gross (MBbl)      WI      Net (WI Basis) (MBbl)    P(g) 
                                                     (%)                               (%) 
                                1U    2U     3U             1U       2U       3U 
                               ----  ----  ------         ------  --------  ------- 
 South Al Jahraa 1      ARC      55   163     442    22       12        36       97    54 
                     --------  ----  ----  ------  -----  ------  --------  -------  ----- 
              ARE                30    74     167              7        16       37    36 
 ----------------------------  ----  ----  ------  -----  ------  --------  -------  ----- 
 South Al Jahraa 2      ARC      83   175     335    22       18        38       74    54 
                     --------  ----  ----  ------  -----  ------  --------  -------  ----- 
              ARE                34    80     177              7        18       39    36 
 ----------------------------  ----  ----  ------  -----  ------  --------  -------  ----- 
 South Al Jahraa 5      ARC      98   295     828    22       22        65      182    54 
                     --------  ----  ----  ------  -----  ------  --------  -------  ----- 
              ARE                43   150     498              9        33      110    36 
 ----------------------------  ----  ----  ------  -----  ------  --------  -------  ----- 
 South Al Jahraa 6      ARC      48    91     153    22       11        20       34    54 
                     --------  ----  ----  ------  -----  ------  --------  -------  ----- 
              ARE                40    86     168              9        19       37    36 
 ----------------------------  ----  ----  ------  -----  ------  --------  -------  ----- 
   NE Al Jahraa 7       ARC     289   609   1,150    22       64       134      253    58 
                     --------  ----  ----  ------  -----  ------  --------  -------  ----- 
              ARE               211   471     961             46       104      211    38 
 ----------------------------  ----  ----  ------  -----  ------  --------  -------  ----- 
             ARG I              164   284     463             36        63      102    36 
 ----------------------------  ----  ----  ------         ------  --------  -------  ----- 
            ARG II              122   270     528             27        59      116    36 
 ----------------------------  ----  ----  ------  -----  ------  --------  -------  ----- 
   NE Al Jahraa 8       ARC     328   651   1,170    22       72       143      257    54 
                     --------  ----  ----  ------  -----  ------  --------  -------  ----- 
              ARE               199   479   1,068             44       105      235    36 
 ----------------------------  ----  ----  ------  -----  ------  --------  -------  ----- 
  ASH West II (5)       AEB     211   456     994    22       46       100      219    30 
                     --------  ----  ----  ------  -----  ------  --------  -------  ----- 
 
 

(b) Within the Existing Development Areas

 
          Prospect               Gross (MBbl)       WI        Net (WI Basis) (MBbl)      P(g) 
                                                     (%)                                   (%) 
                               1U    2U      3U               1U           2U       3U 
                              ----  -----  ------         -----------  ----------  ---- 
     ASA            AR-C        84    220     765   22             18          48   168   40 
                ------------  ----  -----  ------  -----  -----------  ----------  ----  ----- 
            AR-E               100    337   1,541                  22          74   339   40 
 ---------------------------  ----  -----  ------  -----  -----------  ----------  ----  ----- 
          Bahariya               8     28     101                   2           6    22   35 
 ---------------------------  ----  -----  ------         -----------  ----------  ----  ----- 
           Kharita             229    837   1,848                  50         184   407   42 
 ---------------------------  ----  -----  ------  -----  -----------  ----------  ----  ----- 
Al Jahraa (4)    U Bahariya     33    145     703   22              7          32   155   40 
                ------------  ----  -----  ------  -----  -----------  ----------  ----  ----- 
         L Bahariya             56    141     406                  12          31    89   40 
 ---------------------------  ----  -----  ------  -----  -----------  ----------  ----  ----- 
 Al Ahmadi-3        AR-C       110    270     630   22             24          59   139   32 
                ------------  ----  -----  ------  -----  -----------  ----------  ----  ----- 
            AR-G                96    190     372                  21          42    82   32 
 ---------------------------  ----  -----  ------  -----  -----------  ----------  ----  ----- 
          Bahariya             153    291     496                  34          64   109   22 
 ---------------------------  ----  -----  ------         -----------  ----------  ----  ----- 
         Kharita (4)           775  1,311   2,092                 170         288   460   40 
 ---------------------------  ----  -----  ------  -----  -----------  ----------  ----  ----- 
 ASH East (4)        AEB       252    546   1,147    22            56         120   252    60 
                ------------  ----  -----  ------  -----  -----------  ----------  ----  ----- 
 ASH West (4)        AEB       270    565   1,164    22            59         124   256    40 
                ------------  ----  -----  ------  -----  -----------  ----------  ----  ----- 
 
 

Continued on next page

Notes:

1. Gross Prospective Resources are 100% of the volumes estimated to be recoverable from the Prospect, in the event that a discovery is made and subsequently developed.

2. UOG Net Prospective Resources in this table are UOG's Working Interest fraction of the Gross Prospective Resources; they do not represent UOG's actual Net Entitlement under the terms of the PSC that governs the asset, which would be lower.

3. Prospect ASX extends outside the licence area; only the volumes estimated to lie within the licence area are reported here.

4. Volumes shown for Al Jahraa, Al Ahmadi-3 Kharita, and ASH East, West and West II are combined oil and gas volumes in Mboe.

5. The P(g) reported here represents an indicative estimate of the probability that drilling this Prospect would result in a discovery. This does not include any assessment of the risk that a discovery, if made, may not be developed.

6. The volumes reported here are "unrisked" in the sense that no adjustment has been made for the risk that no discovery will be made or that any discovery would not be developed.

7. Identification of Prospective Resources associated with a Prospect is not indicative of any certainty that the Prospect will be drilled, or will be drilled in a timely manner.

8. Prospective Resources should not be aggregated with each other, or with Reserves or Contingent Resources, because of the different levels of risk involved.

   9.      1U = Low estimate, 2U = Best estimate, 3U = High estimate. 

10. AR-C = Abu Roash C member, AR-E = Abu Roash E member, AR-G = Abu Roash G member, AEB = Alam El Bueib Formation.

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UPDEAELDFLEFEAA

(END) Dow Jones Newswires

April 14, 2021 02:00 ET (06:00 GMT)

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