United Oil & Gas PLC Update (9803K)
December 19 2018 - 6:00AM
UK Regulatory
TIDMUOG
RNS Number : 9803K
United Oil & Gas PLC
19 December 2018
United Oil & Gas PLC / Index: LSE / Epic: UOG / Sector: Oil
& Gas
19 December 2018
United Oil & Gas PLC ("United" or the "Company")
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 Limited ('Corallian').
The Company has been advised that the Ensco 72 jack-up drilling
unit, which has been contracted to drill Colter, has been mobilised
to the Wick prospect drilling location. As previously disclosed, as
soon as drilling operations at Wick have been completed, the
drilling unit will be mobilised to the Colter drilling location.
Colter is scheduled to be drilled in Q1 2019 and UOG will provide
further updates on the timing of the Colter well programme in the
new year.
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: "The drilling
of Colter in Q1 2019 will kick off what promises to be another
exciting year for United. As well as appraising a historic
discovery at Colter, which we believe could hold in aggregate up to
19mmbbls of gross contingent and prospective resources,
shareholders can look forward to further high impact activity
across our portfolio of late stage European development projects
and frontier exploration offshore Jamaica. This includes advancing
the Podere Maiar gas discovery on the Podere Gallina licence
onshore Italy towards first production; results from the ongoing
processing and interpretation work of the recently acquired 3D
seismic over the Colibri target on the Tullow Oil operated
Walton-Morant licence, offshore Jamaica; and further progress in
de-risking the Crown discovery in the North Sea."
**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
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