United Oil & Gas PLC Production concession awarded for Podere Gallina (0668N)
January 15 2019 - 2:00AM
UK Regulatory
TIDMUOG
RNS Number : 0668N
United Oil & Gas PLC
15 January 2019
United Oil & Gas PLC / Index: LSE / Epic: UOG / Sector: Oil
& Gas
15 January 2019
United Oil & Gas PLC ("United" or the "Company")
Production concession awarded for Podere Gallina
-- Development of Selva Gas Field granted preliminary approval
-- Targeting gas production of up to 150,000 cubic metres per day gross in 2020
-- Subject to successful results of an upcoming 3D seismic
programme, further wells will be planned to target the additional
prospectivity on the licence
-- Further high-impact activity across the portfolio expected in
Q1 2019 including spudding of Colter well in the Wessex Basin and
updated CPRs for UK, Jamaican and Italian assets
United Oil & Gas Plc, the London Stock Exchange listed oil
and gas exploration and development company, is pleased to announce
that it has been advised by the operator, Po Valley Energy Limited
('PVE'), that the production concession application ('the
Application') to develop the Selva Gas Field ('Selva') onshore
Italy has been granted preliminary approval by the Italian
Government.
Selva, which is located less than one kilometre from the Italian
National Gas Grid, includes the Podere Maiar-1d
appraisal/redevelopment well ('Podere Maiar'), where strong flow
rates from testing operations confirmed a significant commercial
gas discovery in January 2018. United holds a 20% interest in Selva
which sits within the Podere Gallina Exploration Permit ('Podere
Gallina' or the 'Licence'), located in the Po Valley region of
Italy, a proven hydrocarbon region where over 5,000 wells have been
drilled historically.
The development plan will involve the installation of a fully
automated gas plant at the existing Selva/Podere Maiar-1d well site
and the running of a one-kilometre long pipeline to connect to the
nearby Italian National Grid connection. The development is
targeting production at a rate of up to 150,000 cubic metres (5.3
mmscf/day) a day gross from the C1 and C2 reservoirs in the
Medium-Upper Pliocene sands of the Porto Garibaldi Formation. The
thickest level C2 (net pay 25.5 m) reported a peak flow rate of
148,136 scm/day on a 3/8 inch choke and a pressure differential of
11 bar with no water production. The higher level C1 (net pay 15.5
m) also reported strong flow test results with a peak flow rate of
129,658 scm/day on a 3/8 inch choke with good pressure
recovery.
Subject to successful 3D seismic results from the upcoming
programme, additional wells will be drilled to target the
additional prospectivity in the licence, including the Selva East,
Selva South Flank, and Riccardina structures.
United Oil & Gas PLC CEO, Brian Larkin, said: "The
preliminary award of the Selva production licence is a key
regulatory milestone in advancing Selva towards production. It is
also a significant milestone for United as commercial gas
production at Selva is expected to generate significant cash flow
for the Company from 2020 onward. As well as progressing with the
development, we are also excited by the upcoming 3D seismic
acquisition in the Licence, which will focus on proving up the huge
potential of the wider licence area. Subject to successful results
from this acquisition programme, additional wells will be drilled,
aiming to significantly increase the overall resource base within
the Selva concession.
"This development kicks off an exciting year for 2019. In Q1
2019, shareholders can expect the imminent spudding of the Colter
well in the Wessex Basin as well as the near-term publication of a
series of CPRs including updated volumetrics for our Crown Oil
Discovery in the North Sea and the Waddock Cross Field in the
Wessex Basin and also for both our large, high-impact, offshore
Jamaican licence and Podere Gallina in Italy. With multiple value
triggers due in the coming weeks and months, we look forward to
updating shareholders as progress is made both at Selva and across
our growing portfolio."
**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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