United Oil & Gas PLC Colter Appraisal Well Update (1193H)
November 13 2018 - 2:01AM
UK Regulatory
TIDMUOG
RNS Number : 1193H
United Oil & Gas PLC
13 November 2018
United Oil & Gas PLC / Index: LSE / Epic: UOG / Sector: Oil
& Gas
13 November 2018
United Oil & Gas PLC ("United" or the "Company")
Colter Appraisal Well Update
United Oil & Gas Plc, the London Stock Exchange listed oil
and gas exploration and development company, is pleased to provide
an update on the Colter appraisal well ('the Well') on P1918 in the
Wessex Basin. United holds a 10% interest in the Well, which is
operated by Corallian Energy.
The Department for Business, Energy and Industrial Strategy,
Offshore Petroleum Regulator for Environment and Decommissioning
('OPRED') has completed its review of the Environmental Statement
('ES'), the representations received from consultees and additional
information provided for the Colter well. Based on this review,
OPRED has advised the Oil and Gas Authority ('OGA') of its
in-principle agreement to the issue of the relevant consent for the
Well.
Subject to these relevant further approvals being received,
Corallian Energy intends to drill the Colter well as soon as
operations are completed at its Wick prospect. Operations at Wick
are due to commence in December 2018. As previously reported, the
Ensco-72 jack-up drilling unit has been contracted to drill the
Well and the rig site survey has been completed.
Colter will appraise a historic discovery that lies immediately
to the south of Europe's largest onshore oil field at Wytch Farm.
The discovery was made in 1986 by well 98/11-3, which encountered a
10.5m oil column in the Sherwood Sandstone reservoir, the same play
that has proven to be so productive at Wytch Farm where over
450mmbbls have been produced to date. The new well will be drilled
updip of 98/11-3 targeting significant potential that has been
identified following reprocessing of 3D seismic data. The gross
unrisked mid-case oil contingent resources in the section proven up
by the 98/11-3 well have been estimated at 4mmbbls, with gross
unrisked mean-case prospective resources estimated at 15mmbbls in
the rest of the structure.
United Oil & Gas PLC CEO, Brian Larkin, said: "With OPRED
advising the OGA of its in-principle agreement to the issue of the
relevant consents, a drilling unit secured and the rig site survey
completed, the Colter appraisal well remains on course to be the
second well in which United will have participated since our
Readmission to London's Main market in Q3 2017. As with our first
well, the successful Podere Maiar on the Podere Gallina licence
onshore Italy, Colter has an excellent address, lying on the same
play as Wytch Farm, and will appraise a historic discovery, which
we believe could hold in aggregate up to 19mmbbls of gross
contingent and prospective resources. With this in mind, I look
forward to providing further updates on preparations to drill the
Colter well in the coming weeks.
"As well as Colter, activity continues apace across our existing
licence base, all of which is centred on exposing our shareholders
to a continuous pipeline of high-impact events with significant
re-rating potential. Shareholders can look forward to further
updates on the Walton-Morant licence offshore Jamaica, which
includes the high grade Colibri target. As previously reported,
early indications from the recently acquired 3D seismic data have
been highly encouraging. The results from the ongoing processing
and interpretation work will inform the forward plan for the Tullow
Oil operated licence, including the preparation of a CPR. In the
North Sea, we have received significant interest in our Crown oil
discovery, which is located in what is proving to be a hotspot in
terms of corporate activity. Together with a potential well at
Waddock Cross in the Wessex Basin in H1 2019 and our ongoing
evaluation of a number of new ventures, we are confident the
excellent momentum behind United will, at the very least, be
maintained in the months ahead and beyond."
**ENDS**
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
UPDGGGPCGUPRPUP
(END) Dow Jones Newswires
November 13, 2018 02:01 ET (07:01 GMT)
United Oil & Gas (LSE:UOG)
Historical Stock Chart
From Jun 2024 to Jul 2024
United Oil & Gas (LSE:UOG)
Historical Stock Chart
From Jul 2023 to Jul 2024