United Oil & Gas PLC Latin America Farm-In Agreement (5287X)
November 27 2017 - 2:00AM
UK Regulatory
TIDMUOG
RNS Number : 5287X
United Oil & Gas PLC
27 November 2017
27 November 2017
United Oil & Gas Plc
("UOG", "United" or the "Company")
Latin America Farm-In Agreement
United Oil & Gas Plc ("UOG", "United" or the "Company"), the
London Stock Exchange listed oil and gas exploration and
development company, is pleased to announce an agreement to farm-in
to the Tullow Jamaica Ltd ("Tullow") operated Walton-Morant
licence, offshore Jamaica.
Subject to approval from the Petroleum Corporation of Jamaica
(PCJ), United has signed an agreement with Tullow to farm-in to the
Walton-Morant licence at a 20% equity interest. Tullow entered the
Walton-Morant licence, which covers an area in excess of
32,000km(2) , in October 2014. In addition to securing a large
portfolio of legacy 2D seismic data, Tullow also acquired a further
3,650km of 2D seismic in 2016 and 2017. Interpretation of the data
set has identified attractive Cretaceous and Tertiary aged clastic
and carbonate reservoir targets and Tullow now intends to conduct a
2,000km(2) 3D seismic survey in H1 2018 focusing on the high-graded
Colibri lead.
The Walton Morant Licence, offshore Jamaica, offers a commanding
Caribbean exploration opportunity with access to play diversity
across three geological basins. Only 11 wells have been drilled in
the area to date, and despite difficulties with well placement due
to a lack of seismic control, 10 of these encountered hydrocarbon
shows. Recent work, including extensive onshore fieldwork, has
confirmed the presence of all the elements required for a working
petroleum system, and has also identified a thermogenically derived
offshore oil seep close to the main prospect of interest, providing
further confidence that there is the potential to find significant
commercial volumes within the licence.
Brian Larkin, United CEO, commented:
"We are delighted to announce our new Jamaican partnership with
Tullow Oil. At our time of listing, we outlined a clear strategy of
building a low-risk business in Europe whilst also adding blue sky
exploration upside in Latin America and Africa. This acreage is
well known to the United team and we are very excited at the
prospect of participating in this high impact campaign.
The current low-cost environment has allowed United to take a
material 20% equity position in this high potential frontier
exploration license and we look forward to working with Tullow Oil
in the coming months to advance the 2017 and 2018 work programmes.
In addition to our new Jamaican interest, we continue to evaluate
further potential farm-in and acquisition opportunities and we look
forward to updating our shareholders in the coming months."
United's investment will involve paying a 20% share of costs
from 1(st) November 2017 into Phase 1c of the current exploration
programme.
ENDS
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014.
For more information please visit the Company's website at
www.uogplc.com or contact:
United Oil & Gas Plc (Company)
===================================== ================================
Brian Larkin brian.larkin@unitedoilandgas.eu
===================================== ================================
Optiva Securities Limited (Broker)
===================================== ================================
+44 (0) 20 3137
Christian Dennis 1902
===================================== ================================
Beaumont Cornish Limited (Financial
Adviser)
===================================== ================================
Roland Cornish and Felicity +44 (0) 20 7628
Geidt 3396
===================================== ================================
Murray (PR Advisor) +353 (0) 87 6909735
===================================== ================================
Joe Heron jheron@murrayconsultants.ie
===================================== ================================
Editor's Note:
About United Oil & Gas
United Oil & Gas plc (UOG) is listed on the main market of
the London Stock Exchange. United was established to explore,
appraise and develop low risk assets in Europe and North Africa and
to develop higher risk, higher impact exploration projects in Latin
America and Africa.
The following table outlines the company's licences.
Country Licence Operator United
Holding
---------------- ------------------- ------------------ ---------
Podere Gallina
Italy Licence Po Valley Energy 20%
---------------- ------------------- ------------------ ---------
Waddock Cross
United Kingdom Field Egdon Oil Plc 26.25%
---------------- ------------------- ------------------ ---------
United Kingdom PL090 Exploration Egdon Oil Plc 18.95%
---------------- ------------------- ------------------ ---------
Jamaica Walton-Morant Tullow Oil plc 20%
---------------- ------------------- ------------------ ---------
Click on, or paste the following link into your web browser, to
view the associated PDF document of the Licence Location
http://www.rns-pdf.londonstockexchange.com/rns/5287X_1-2017-11-26.pdf
This information is provided by RNS
The company news service from the London Stock Exchange
END
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