TIDMUOG
RNS Number : 4603M
United Oil & Gas PLC
12 January 2023
United Oil & Gas PLC / Index: AIM / Epic: UOG / Sector: Oil
& Gas
12 January 2023
United Oil and Gas plc
("United" or "the Company")
Contingent Resources Report on the Maria Discovery, Central
North Sea
United Oil & Gas PLC (AIM: "UOG"), the full-cycle oil and
gas company with a portfolio of production, development,
exploration and appraisal assets, is pleased to announce the
results of an independent contingent resources audit conducted by
Gaffney, Cline & Associates Limited ("GaffneyCline") on the
Maria Discovery ("Maria"), in Licence P2519, located in the UK
Central North Sea (CNS). United holds a 100% working interest in
the licence.
Summary
- Mid-case 2C gross contingent resources for the Forties and
Dornoch reservoirs of the Maria discovery are estimated at 6.3
mmbbls and 23.3Bcf (10.2 mmboe)
- The range of resources estimated at Maria ranges from 3.3
mmbbls and 13.2 Bcf (5.5 mmboe) in the 1C case to 11.1 mmbbls and
39.3 Bcf (17.7 mmboe) in the 3C case
Gross Field Contingent Resources Summary Table (as at 31(st)
December 2022)
Contingent Gross Volumes Working
resources Interest
UOG calculated
Boe (mmboe)
Oil (mmbbls) Gas (Bcf) (1) 100%
------------- ---------- --------------- ----------
1C 3.3 13.2 5.5 100%
------------- ---------- --------------- ----------
2C 6.3 23.3 10.2 100%
------------- ---------- --------------- ----------
3C 11.1 39.3 17.7 100%
------------- ---------- --------------- ----------
Source: Gaffney, Cline & Associates Limited. (1) conversion
factor 6 Bcf = 1mmboe.
United Chief Executive Officer, Brian Larkin commented:
" The independent audit further validates the work produced by
our inhouse technical team, providing an independent mid-case
estimate of 10.2 mmboe contingent resources at the Maria discovery.
The report highlights the value of our 100% interest in this late
stage appraisal and development asset that has the potential to
deliver significant near term value to our shareholders. We are
making good progress on potential options to maximise shareholder
value from this licence and will provide further updates in due
course."
Basis of Preparation
Contingent Resources are those quantities of petroleum
estimated, as of a given date, to be potentially recoverable from
known accumulations using established technology or technology
under development, but which are not currently considered to be
commercially recoverable due to one or more contingencies.
Contingent Resources, by definition, are not classified as reserves
due to several conditions including but not limited to the
uncertainties of future oil prices and performance of the initial
pilot wells in the first phase of the field development of the
project which must be resolved to ensure commerciality. There is no
certainty that it will be commercially viable to produce any
portion of the resources.
In the preparation of this report, GaffneyCline has used
definitions contained within the Petroleum Resources Management
System (PRMS), which was approved by the Society of Petroleum
Engineers, the World Petroleum Council, the American Association of
Petroleum Geologists, the Society of Petroleum Evaluation
Engineers, the Society of Exploration Geophysicists, the Society of
Petrophysicists and Well Log Analysts, and the European Association
of Geoscientists and Engineers in June 2018, Version 1.03.
About Licence P2519
Licence P2519 includes Blocks 15/18e and 15/19c and covers an
area of c. 225 km2. The licence contains the existing Maria
discovery in the Forties Sandstone, drilled by Shell/Esso in 1976,
and is located near existing producing fields and infrastructure.
The P2519 licence also contains two Jurassic discoveries, Brochel
and Maol. Maol was drilled by Shell in 1987, and on test flowed at
over 2,000 boepd.
END
Jonathan Leather, an Executive Director of the Company, who has
over 20 years of relevant experience in the oil and gas industry,
has reviewed and approved the information contained in this
announcement. Dr Jonathan Leather is a qualified person as defined
in the guidance note for Mining Oil & Gas Companies of the
London Stock Exchange and is a member of the Petroleum Exploration
Society of Great Britain and the Society of Petroleum
Engineers.
This announcement contains inside information for the purposes
of Article 7 of Regulation 2014/596/EU which is part of domestic UK
law pursuant to the Market Abuse (Amendment) (EU Exit) regulations
(SI 2019/310).
Glossary
1C - low estimate of Contingent Resources
2C - best estimate of Contingent Resources
3C - high estimate of Contingent Resources
bcf - billion standard cubic feet
boepd - barrels of oil equivalent per day
mmboe - million barrels of oil equivalent
mmbbls - million barrels of oil
United Oil & Gas Plc (Company)
Brian Larkin, CEO brian.larkin@uogplc.com
Sharan Dhami, Head of IR & sharan.dhami@uogplc.com
ESG
Beaumont Cornish Limited (Nominated
Adviser)
Roland Cornish | Felicity Geidt +44 (0) 20 7628 3396
Tennyson Securities (Joint
Broker)
Peter Krens +44 (0) 20 7186 9030
Optiva Securities Limited (Joint
Broker)
Christian Dennis +44 (0) 20 3137 1902
Camarco (Financial PR)
Georgia Edmonds | Emily Hall +44 (0) 20 3757 4983 |
| Sam Morris uog@camarco.co.uk
Notes to Editors
United Oil & Gas is a full cycle oil and gas company with a
portfolio of low-risk, cash generative production, development,
appraisal and exploration assets across Egypt, UK and a high impact
exploration licence in Jamaica.
The business is led by an experienced management team with a
strong track record of growing full cycle businesses, partnered
with established industry players and is well positioned to deliver
future growth through portfolio optimisation and targeted
acquisitions.
United Oil & Gas is listed on the AIM market of the London
Stock Exchange. For further information on United Oil and Gas
please visit www.uogplc.com .
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END
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