United Oil & Gas PLC Update on Walton-Morant Licence (4731G)

TIDMUOG

RNS Number : 4731G

United Oil & Gas PLC

02 March 2018

2(nd) March 2018

United Oil & Gas Plc

Update on Walton-Morant Licence

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 the completion of the farm-in and the transfer of the 20 per cent. interest in the Walton-Morant Licence, offshore Jamaica from Tullow Jamaica Limited ("Tullow") to UOG.

Further to the announcement of 27 November 2017, the Company confirms that the Petroleum Corporation of Jamaica ("PCJ") has granted its approval to the assignment, assumption of obligations and transfer of the 20 per cent. interest in the Walton-Morant Licence to UOG with the effect from 1(ST) March. Accordingly, Tullow, the operator, has now 80 per cent. interest and UOG 20 per cent. interest in the Walton-Morant Licence.

In addition, the Company has been informed by Tullow that it intends to commence acquiring the 3D seismic focusing on the high-graded Colibri lead in March 2018.

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:

United Oil & Gas plc (UOG) is listed on the main market of the London Stock Exchange. UOG 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 current licences:

 
 Country           Licence              Operator            United Holding 
----------------  -------------------  ------------------  --------------- 
                   Podere Gallina       Po Valley Energy 
 Italy              Licence              Ltd                20% 
----------------  -------------------  ------------------  --------------- 
                   Waddock Cross 
 United Kingdom     Field               Egdon Oil Plc       26.25% 
----------------  -------------------  ------------------  --------------- 
 United Kingdom    PL090 Exploration    Egdon Oil Plc       18.95% 
----------------  -------------------  ------------------  --------------- 
 United Kingdom    P1918*               Corallian Energy    10%** 
                                         Limited 
----------------  -------------------  ------------------  --------------- 
 United Kingdom    PEDL 330             Corallian Energy    10%** 
                                         Limited 
----------------  -------------------  ------------------  --------------- 
 United Kingdom    PEDL 345             Corallian Energy    10%** 
                                         Limited 
----------------  -------------------  ------------------  --------------- 
                                        Tullow Jamaica 
 Jamaica           Walton-Morant*        Limited            20% 
----------------  -------------------  ------------------  ---------------

*Offshore

** Option to acquire a further 10%

In addition, UOG has an option agreement to farm into offshore Block 49/29c UK Licence P2264 which contains the Acle prospect. On exercise of this option agreement UOG will acquire a 24% interest in the licence.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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March 02, 2018 02:00 ET (07:00 GMT)

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