DGAP-News: United Energy Group plc: United Energy Group Texas Asset Operations Update

United Energy Group Plc. / Forecast/Miscellaneous

29.04.2008 

Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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London, UK - April 29th, 2008

United Energy Group is pleased to announce that the multiple well work over
program targeting several wells across the Texas asset base is on schedule
and delivering results as planned.


Work Over & Recompletion

During the past six weeks a total of six production wells have been
subjected to work over and recompletion  being placed on production with a
total aggregate rate of 80 BOPD. Three wells have been plugged and
abandoned due to mechanical integrity issues with the intent to drill new
production wells in the immediate vicinity.


Drilling Program Damond Mound & Nash Dome
The UEG Engineering Team is moving forward with preparations to drill
twelve wells with installation of associated production facilities in the
Damon Mound field targeting shallow oil bearing sands. The program calls
for the scope of work to be completed by the end of Q-2-2008 with a goal of
reaching a production target of 1000 BOPD net UEG in the state of Texas at
that time. Drilling operations are planned to commence during the week of
May 5th, 2008.

Upon completion of the initial twelve well program in the Damon Mound field
UEG will commence drilling and completion activities in the UEG held Nash
Dome field with the goal of adding an additional 1000 BOPD of production
net UEG.


Prospection

Concurrently, the UEG Subsurface Engineering Group is working to identify
deeper targets in the Damon Mound and Nash Dome fields which could add
substantial reserves and production across the asset base.


Revenue and Profit Forecast 2008/2009

The 2008 revenue forecast for the UEG South Texas Asset upon reaching the
1000 BOPD production target by the end of Q-2-2008 is 14.6 MM USD gross
revenue with a profit forecast of 7 MM USD net CAPEX, OPEX, and taxes.

The 2009 revenue forecast for the UEG South Texas Asset upon reaching the
2500 BOPD production target by the end of Q-4-2008 is 68 MM USD gross
revenue with a profit forecast of 40 MM USD net CAPEX, OPEX, and taxes.



About UEG: UEG is an independent, exchange listed energy production and
service company. The core areas of business are Energy Production, Energy
Consulting and Energy Investments. The basic principles of UEG are geared
to the targeted continuous value enhancement of the company by integrating
all relevant groups of interest, supported by an active and transparent
communication. For its partners UEG will remain to be a reliable supplier
of high-quality services at competitive prices. In selected markets UEG
wants to build up a strong position and keep it in the long term. This
quality standard is made possible by dedicated employees and partners. The
strategy for the next months and years is based on a dynamic growth policy.
Forward-Looking Statement: This news release may contain certain
forward-looking statements, including declarations regarding United Energy
Group and its subsidiaries' expectations, intentions, strategies and
beliefs regarding the future. All statements contained herein are based
upon information available to UEG management as of the date hereof, and
actual results may vary based upon future events, both within and without
the control of UEG management, including risks and uncertainties that could
cause actual results to differ materially including, among other things,
the impact that acquisitions may have on the company and its capital
structure, exploration results, market conditions, oil and gas price
volatility, uncertainties inherent in oil and gas production operations and
estimating reserves, unexpected future capital expenditure requirements,
competition, governmental regulations and other factors.

United Energy Group plc 
45 Doughty Street
London WC1N 2LR
United Kingdom

Registered in England and Wales 
Registered number 05792859 

Web: www.unitedenergy.com
E-Mail: info@unitedenergy.com
DGAP 29.04.2008 
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