United Oil & Gas PLC Podere Maiar drilling results (4847Y)
December 06 2017 - 2:00AM
UK Regulatory
TIDMUOG
RNS Number : 4847Y
United Oil & Gas PLC
06 December 2017
6th December 2017
United Oil & Gas Plc
("UOG", "United" or the "Company")
Podere Maiar drilling results
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 positive log results
from the drilling of the Podere Maiar 1 ("PM1") well on the Selva
Gas Field in the Podere Gallina licence, onshore Italy.
PM1 was successfully drilled to a total depth of 1330m TVD
(1307m TVDSS) ahead of schedule and on budget.
Downhole log results from Schlumberger confirm a gross gas pay
of 53m. The top of the reservoir was encountered at 1245m TVD
(1223m TVDSS) some 12m above the level of any previous production
wells, including the nearby Selva 6 well.
The two main sand levels show high resistivity in the logs,
indicating a thick gas-bearing reservoir
United Oil & Gas (20%), and its joint venture partners Po
Valley Energy (64%; operator) and Prospex Oil and Gas (17%) have
agreed to proceed to case, perforate and complete the well and
install downhole production equipment.
Well completion is targeted to be finished mid-December with
flow-testing on a rigless basis planned for early January.
Brian Larkin, United CEO, commented:
"We are very pleased with these initial well results, which
confirm the significant potential in the Selva Field. We are
looking forward to successfully completing the well operations, and
commencing the rigless testing shortly. This is a great result for
our shareholders and we look forward to progressing the licence
with our joint venture partners. We will provide a further update
when well testing completes".
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%
---------------- ------------------- ------------------ ---------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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