United Oil & Gas PLC Update on Colter Appraisal Well (2448C)
September 28 2018 - 2:01AM
UK Regulatory
TIDMUOG
RNS Number : 2448C
United Oil & Gas PLC
28 September 2018
United Oil & Gas PLC / Index: LSE / Epic: UOG / Sector: Oil
& Gas
28 September 2018
United Oil & Gas PLC ('United' or 'the Company')
Update on Colter Appraisal Well
United Oil & Gas Plc, the London Stock Exchange listed oil
and gas exploration and development company, is pleased to provide
an update on the upcoming Colter appraisal well ('the Well') on
P1918 in the Wessex Basin, which remains on track to be drilled in
Q4 2018. United holds a 10% interest in P1918.
United has been informed by the operator, Corallian Energy
Limited, that the rig contract with UK based drilling contractor
Ensco U.K. Ltd has been signed. The Ensco-72 jack-up drilling unit
has been contracted and the rig site survey has been completed
which will allow drilling operations at the Well to commence as
planned in Q4 2018, subject to receipt of necessary regulatory
approval and consent.
The Well will appraise a historic discovery that lies
immediately to the south of Europe's largest onshore oil field at
Wytch Farm where over 450mmbbls have been produced to date from the
Sherwood Sandstone reservoir. Colter was discovered in 1986 by Well
98/11-3 which encountered a 10.5m oil column in the Sherwood
Sandstone. The Well will be drilled in an area updip of the
existing discovery, targeting gross unrisked mid-case volumes of
over 19mmbbls recoverable oil.
United Oil & Gas PLC CEO, Brian Larkin, said, "We are
delighted that the rig contract has been finalised and operations
at the Colter well are continuing to progress as planned. Colter is
in an excellent location and we believe there to be significant
potential in this play, which has yielded Europe's most prolific
onshore field at Wytch Farm. With independently assigned gross
unrisked mid-case contingent resources of 4mmbbls and additional
unrisked mean-case gross prospective resources of 15mmbbls, Colter
offers huge potential for the Company and its shareholders.
"Colter will be the second well in which United has participated
within the last twelve months, the first being the successful
Podere Maiar well in Italy. Here plans to develop a 150,000 cubic
metres of gas per day facility are well advanced, while a 3D
seismic programme is proposed for early 2019 to progress additional
targets within the licence. Elsewhere workstreams are running
concurrently across our portfolio, including the processing and
interpretation of 3D seismic over the high grade 200mmbbl Colibri
target on the Tullow Oil-operated Walton Morant licence, offshore
Jamaica; ongoing discussions with potential farm-in partners for
our North Sea assets; as well as advancing due diligence on several
new potential opportunities. All our activity is focused on
exposing shareholders to a pipeline of high impact drilling
opportunities and I look forward to providing further updates on
our progress."
**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@uogplc.com
Optiva Securities Limited (Broker)
Christian Dennis +44 (0) 20 3137 1902
Beaumont Cornish Limited (Financial
Adviser)
Roland Cornish and Felicity Geidt +44 (0) 20 7628 3396
Murray (PR Advisor) +353 (0) 87 6909735
Joe Heron jheron@murrayconsultants.ie
St Brides Partners (Financial
PR/IR)
Frank Buhagiar and Juliet Earl +44 (0) 207 236 1177
Notes to Editors
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 to develop
higher risk, higher impact exploration projects in the Caribbean,
Latin America and Africa.
The following table outlines the Company's licence
interests:
Country Licence Operator United Interest
Podere Gallina Po Valley Energy
Italy Licence Limited 20%
------------------- -------------------- ----------------
Waddock Cross Egdon Resources UK
United Kingdom Field Limited 26.25%
------------------- -------------------- ----------------
Egdon Resources UK
United Kingdom PL090 Exploration Limited 18.95%
------------------- -------------------- ----------------
Corallian Energy
United Kingdom P1918 Limited 10%
------------------- -------------------- ----------------
Corallian Energy
United Kingdom PEDL 330 Limited 10%
------------------- -------------------- ----------------
Corallian Energy
United Kingdom PEDL 345 Limited 10%
------------------- -------------------- ----------------
United Oil & Gas
United Kingdom P2366 Plc 95%
------------------- -------------------- ----------------
Jamaica Walton-Morant Tullow Jamaica Ltd 20%
------------------- -------------------- ----------------
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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