On 23 July 2019 United Oil & Gas PLC (AIM: "UOG"), the AIM traded oil and gas exploration and development company, announced the proposed acquisition of Rockhopper Egypt Pty Ltd from Rockhopper Exploration Plc. The acquisition will include a 22% non-operating interest in the Abu Sennan concession onshore Egypt. United issue the following statement pursuant to media reports in Egypt and some significant share price movement since market opening today.
Brian Larkin CEO, United Oil and Gas PLC:
"It has been very encouraging to see the positive results so far from the ASH-2 well, with 50m of net oil pay recorded and flow rates of 7,000 bopd achieved on test. However, with testing still in progress, 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. It is worth emphasising that these could be significantly lower than the initial test, and we will keep the market updated as more information becomes available from the ongoing well-testing."