By Joe Hoppe
United Oil & Gas PLC shares fell Thursday after the company said recent production at Abu Sennan in Egypt missed expectations, and lowered its full-year oil production guidance for the license.
Shares at 0913 GMT were down 0.48 pence, or 24%, at 1.5 pence.
The energy company–which owns a 22% non-operating interest in the onshore license–said the ASH-4 development well’s rates have sharply declined in recent days, suggesting that it is connected to a smaller volume of oil than expected pre-drill.
The company lowered its full-year production guidance for Abu Sennan to 1,300-1,325 equivalent barrels net, from previous guidance of 1,450-1,500 barrels. The company said this doesn’t include any contributions from workovers still to be completed late in the fourth quarter, which could add an additional 175 barrels a day.
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