United Oil & Gas PLC Spudding commences on Italian licence (0845X)
November 21 2017 - 4:03AM
UK Regulatory
TIDMUOG
RNS Number : 0845X
United Oil & Gas PLC
21 November 2017
21 November 2017
United Oil & Gas Plc
("UOG", "United" or the "Company")
Spudding commences on Italian licence
United Oil & Gas Plc ("UOG", "United" or the "Company"), the
London Stock Exchange listed oil and gas exploration and
development company, issues the following update on the Italian
Podere Gallina licence:
United Oil & Gas Plc, is delighted to announce that further
to the update announcement of 24 October 2017, Po Valley Energy Ltd
("PVE"), the licence operator, has spudded (commenced drilling) the
Podere Maiar well. It is understood that the well will take
approximately 5 weeks to drill. Well-testing is planned in the case
of success, and will be undertaken once drilling operations have
been completed
Brian Larkin, CEO commented:
"We are extremely pleased that United's first well has been
spudded. This will be an important milestone in the development of
the Company.
United has a clear strategy of acquiring, developing and
unlocking the value of low risk projects in Europe, while seeking
high impact exploration opportunities in Africa and Latin America.
This first well is an important step in implementing that
strategy."
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014
For more information please visit the Company's website at
www.uogplc.com or contact:
United Oil & Gas Plc (Company)
===================================== ================================
Brian Larkin brian.larkin@unitedoilandgas.eu
===================================== ================================
Optiva Securities Limited (Broker)
===================================== ================================
+44 (0) 20 3137
Christian Dennis 1902
===================================== ================================
Beaumont Cornish Limited (Financial
Adviser)
===================================== ================================
Roland Cornish and Felicity +44 (0) 20 7628
Geidt 3396
===================================== ================================
Murray (PR Advisor) +353 (0) 87 6909735
===================================== ================================
Joe Heron jheron@murrayconsultanta.ie
===================================== ================================
Editor's Note:
Podere Gallina Project (Italy)
On 4 May 2017, UOG and Po Valley Operations Pty Ltd ("PVO"), a
company incorporated and registered in Australia, a wholly owned
subsidiary of Po Valley Energy Ltd ("PVE"), entered into the Podere
Gallina Farm-in Agreement ("Farm-in Agreement"), pursuant to which
PVO conditionally agreed to sell to UOG, a 20 per cent. interest in
the Podere Gallina Exploration Licence held by PVE and awarded by
the Ministry of Economic Development (the "Ministry") on 2 December
2008 (the "Exploration Licence"), and which includes the Podere
Maiar-1 exploration well.
The principal condition of the Farm-in Agreement was that UOG
raise a minimum of GBP3 million. Accordingly, having completed a
placing at the time of re-admission on 31 July 2017, the Farm-in
Agreement is now unconditional.
Pursuant to the Farm-in Agreement, UOG has a 20 per cent.
working interest in the Exploration Licence on funding 40 per cent.
of the cost of the Podere Maiar appraisal well that is scheduled to
be drilled in Q4 2017. PVE, which was awarded the Exploration
Licence in September 2008, is the licence operator and has an 80
per cent. working interest in the Exploration Licence.
Accordingly, UOG has the following interest in the Exploration
Licence:
Podere Gallina licence details
Operator UOG Interest (%) Status Licence expiry date Licence Area
Po Valley Energy Ltd 20% Exploration 3 February 2018 506
km(2)
Podere Gallina Project Summary
Base-case Near-Term Activity
Equity CoS Resource Net
Asset (%) (%) Type Resources
Podere Maiar 20 N/A(1) Contingent 0.57mmboe Rig contracted
(Selva Strat) for drilling
in Q4 '17
3D seismic to
de-risk
prospect planned
East Selva 20 13 Prospective 1.16mmboe post-
Podere Maiar
well
3D seismic to
de-risk
prospect planned
Fondo Perino 20 34 Prospective 0.49mmboe post-
Podere Maiar
well
Plans to be
firmed-up
post-Podere
Cembalina 20 51 Prospective 0.11mmboe Maiar well
(2018)
(1) Minimal geological risk, as hydrocarbons are already
proven
This information is provided by RNS
The company news service from the London Stock Exchange
END
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