United Oil & Gas PLC Italian Licencing Update (0414Z)
January 07 2020 - 9:45AM
UK Regulatory
TIDMUOG
RNS Number : 0414Z
United Oil & Gas PLC
07 January 2020
United Oil & Gas PLC / Index: AIM / Epic: UOG / Sector: Oil
& Gas
7(th) January, 2020+BCL
United Oil & Gas PLC ('United' or 'UOG' or 'the
Company')
Italian Licencing Update
United Oil & Gas PLC (AIM: "UOG"), the AIM traded oil and
gas exploration and development company, notes the announcement
issued by Po Valley Energy Limited ("Po Valley"), operator of the
Podere Gallina Licence, stating that they have received formal
technical environmental approval from the Italian Environmental
Ministry for the development of the Selva Gas field. United holds a
20% economic interest in the Podere Gallina licence.
This approval is an important milestone in advance of the
decision to grant final approval by Environment Minister decree and
the issuing of the required INTESA (intergovernmental agreement)
and the final grant of a Production Concession issued by Italy's
Economic Development Ministry.
A Competent Persons Report included in the Company's AIM
Admission Document dated 6 December 2019, covering all of the
Podere Gallina Licence, including the Selva Malvezzi Production
Concession identified gross 2P Reserves of 13.3Bcf (2.7Bcf net
attributable to United), a further 14.1Bcf of gross 2C Contingent
Resources (2.8Bcf net attributable), and 91.5Bcf of unrisked gross
Prospective Resources (18.3Bcf net attributable).
The Po Valley ASX announcement can be accessed via this
link:
https://www.asx.com.au/asxpdf/20200107/pdf/44d3bj9wwlt6x7.pdf
Brian Larkin CEO, United Oil and Gas PLC:
'This approval is an important milestone in the proposed
development of the Selva Gas Field. We look forward to further
constructive engagement with the Italian Government and continued
progress on this field, with the objective of achieving first
production in 2020.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
ENDS
United Oil & Gas Plc (Company)
Brian Larkin, CEO brian.larkin@uogplc.com
Beaumont Cornish Limited (Nominated
Adviser)
Roland Cornish and Felicity Geidt +44 (0) 20 7628 3396
Optiva Securities Limited (Joint
Broker)
Christian Dennis +44 (0) 20 3137 1902
Cenkos Securities Plc (Joint Broker)
Joe Nally (Corporate Broking) +44 (0) 20 7397 8900
Derrick Lee and Pete Lynch +44 (0) 131 220 6939
Murray (PR Advisor) +353 (0) 87 6909735
Joe Heron jheron@murrayconsultants.ie
St Brides Partners (Financial PR/IR)
Frank Buhagiar and Priit Piip +44 (0) 207 236 1177
Notes to Editors
United Oil & Gas plc (UOG) is an AIM-traded company. 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.
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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