United Oil & Gas PLC Spud of Colter Appraisal Well (2552P)
February 06 2019 - 6:00AM
UK Regulatory
TIDMUOG
RNS Number : 2552P
United Oil & Gas PLC
06 February 2019
United Oil & Gas PLC / Index: LSE / Epic: UOG / Sector: Oil
& Gas
6 February 2019
United Oil & Gas PLC ("United" or the "Company")
Spud of Colter Appraisal Well
-- Colter appraisal well spudded on 6 February (United 10% interest)
-- Targeting a historic discovery with 19mmbbls of unrisked
gross contingent and prospective resources associated with the
structure
-- Located adjacent to Wytch Farm - Europe's largest onshore oil field
-- Drilling expected to take three weeks
United Oil & Gas Plc, the London Stock Exchange listed oil
and gas exploration and development company, is pleased to announce
that it has been notified by Corallian Energy Limited
('Corallian'), the operator of the P1918 licence in the Wessex
Basin, that the Colter 98/11a-5 appraisal well ('the Well' or
'Colter') spudded at 1010 hrs on 6 February 2019. United holds a
10% interest in the Well which 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 Ensco-72 jack-up drilling unit has been contracted to drill
the Well to an intended total depth of 1,830m metres, with drilling
expected to take approximately three weeks. Colter will be drilled
updip of 98/11-3 targeting significant potential that has been
identified following reprocessing of 3D seismic data. The gross
un-risked mid-case oil contingent resources in the section proven
up by the 98/11-3 well have been estimated at 4mmbbls, with gross
un-risked mean-case prospective resources estimated at 15mmbbls in
the rest of the structure.
United Oil & Gas PLC CEO, Brian Larkin, said: "The
commencement of drilling operations at Colter is yet another key
development for the Company. Colter is the second well United has
participated in within the last twelve months, the first being the
successful Podere Maiar well at the Selva gas field in Italy.
Targeting a historic discovery on the same play as the nearby
prolific Wytch Farm Field and with an aggregate mid-case volume of
19mmbbls of gross contingent and prospective resources, we believe
Colter offers an excellent opportunity to emulate the success we
enjoyed with Podere Maiar.
"We look forward to updating shareholders on operations at
Colter as well as activity across our portfolio of low risk, late
stage appraisal/development projects in Europe and a high impact
exploration play offshore Jamaica. Following our first Competent
Person's Report covering the Crown Oil Discovery in the North Sea
and the Waddock Cross Field in the Wessex Basin, and with CPRs due
for our offshore Jamaica and onshore Italy projects, we believe
that 2019 is the year in which we will unlock the significant
potential of the diverse portfolio that we have built."
**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 Next Stage of Development
Interest
Italy Podere Gallina Po Valley 20% CPR nearing completion
Licence Energy Limited Infrastructure build
2019
Production in 2020
Work continuing to
high-grade other opportunities
in licence
------------------ ---------------- ---------- -------------------------------
UK Waddock Cross Egdon Resources 26.25% CPR Published
Field UK Limited Development drilling
targeted in 2019
------------------ ---------------- ---------- -------------------------------
UK PL090 Exploration Egdon Resources 18.95% Technical work to de-risk
UK Limited exploration targets
continuing
------------------ ---------------- ---------- -------------------------------
UK P1918 Corallian 10% Colter Drill Commenced
Energy Limited Results due in early
- mid March
------------------ ---------------- ---------- -------------------------------
UK PEDL 330 Corallian 10% Technical work to de-risk
Energy Limited exploration targets
continuing
------------------ ---------------- ---------- -------------------------------
UK PEDL 345 Corallian 10% Technical work to de-risk
Energy Limited exploration targets
continuing
------------------ ---------------- ---------- -------------------------------
UK P2366 United Oil 95% CPR published
& Gas Plc Seismic reprocessing
underway ahead of likely
Farm Down Process
------------------ ---------------- ---------- -------------------------------
Jamaica Walton-Morant Tullow Jamaica 20% CPR nearing completion
Ltd Interpretation of Seismic
ongoing ahead of Farm
Down Process
------------------ ---------------- ---------- -------------------------------
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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