United Oil & Gas PLC Colter Appraisal Well Results (9361Q)
February 25 2019 - 2:01AM
UK Regulatory
TIDMUOG
RNS Number : 9361Q
United Oil & Gas PLC
25 February 2019
United Oil & Gas PLC / Index: LSE / Epic: UOG / Sector: Oil
& Gas
25 February 2019
United Oil & Gas PLC ("United" or the "Company")
Colter Appraisal Well Results
United Oil & Gas Plc, the London Stock Exchange listed oil
and gas exploration and development company, is pleased to provide
the following update on the Colter appraisal well ('the Well' or
'Colter'), currently being drilled by Corallian Energy Limited
('Corallian') in the P1918 licence in the Wessex Basin. United
holds a 10% interest in the licence.
The Colter well (98/11a-6) has been drilled as a vertical well
with the Ensco-72 jack-up rig and has reached a Total Depth of
1870m MD in the Sherwood Sandstone. The Well is an appraisal of the
98/11-3 well, drilled in 1986 by British Gas, within the Colter
Prospect.
The 98/11a-6 well unexpectedly remained on the southern side of
the Colter Prospect bounding fault but encountered oil and gas
shows over a 9.4 metre interval at the top of the Sherwood
Sandstone reservoir, a separate discovery to the original appraisal
target. A petrophysical evaluation of the LWD data has calculated a
net pay of 3 metres. Similar indications of oil and gas were
encountered in the 98/11-1 well, drilled in 1983 by British Gas,
within the Colter South fault terrace.
Provisional analysis of the new data indicates that the two
wells may a share a common oil-water-contact having both
intersected the down-dip margin of the Colter South prospect.
Corallian's most recent assessment of the Colter South Prospect
prior to drilling the 98/11a-6 well had estimated a mean
recoverable volume of 15 mmbbls. Further work will be required to
refine this assessment with the new well data.
The joint venture has commenced preparations to side-track the
98/11a-6 well. The side-track will be drilled directionally to a
Sherwood Sandstone target within the Colter prospect on the
northern side of the bounding fault and will take approximately two
weeks to complete.
United Oil & Gas PLC CEO, Brian Larkin, said: "Initial
results from Colter have delivered a bonus in the form of an
additional hydrocarbon structure, which has excellent initial oil
and gas shows. This offers opportunity for future appraisal and to
increase the overall value of the Colter licence for our
shareholders. More work will be required to determine the resource
potential within the structure, and we will update shareholders on
the outcome of the side-track well in the coming weeks."
**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
Further seismic to
identify other opportunities
in licence 2019
------------------ ---------------- ---------- -----------------------------
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 Ongoing
Energy Limited Results currently under
evaluation.
------------------ ---------------- ---------- -----------------------------
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 published
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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