United Oil & Gas PLC Colter Appraisal Well Option Update (1138Q)
June 04 2018 - 2:00AM
UK Regulatory
TIDMUOG
RNS Number : 1138Q
United Oil & Gas PLC
04 June 2018
United Oil & Gas PLC / Index: LSE / Epic: UOG / Sector: Oil
& Gas
June 4, 2018
United Oil & Gas PLC ('United' or 'the Company')
Colter Appraisal Well Option Update
United Oil & Gas Plc, the London Stock Exchange listed oil
and gas exploration and development company, is pleased to announce
an update on the option over the right to purchase an additional
10% farmed interest in Corallian Energy Limited's ('Corallian')
interests in southern UK.
Although the option expired on the 31st May 2018, the Board is
continuing discussions with its other partners in the licences,
which contain the Colter Discovery, on taking a further equity
interest. Colter (Licence P1918) was originally drilled by offshore
well 98/11-3 in 1986 which recovered oil from a 10.5 metres oil
column within the Triassic Sherwood Sandstone. This is the main
reservoir at Wytch Farm which has produced in excess of 450 million
barrels of oil. Colter is an extremely attractive prospect with
drilling expected in Q3/4 2018 and the Board looks forward to
concluding discussions with its partners and to the forthcoming
drilling activity.
United Oil & Gas Plc CEO, Brian Larkin, said, "We have an
existing 10% interest in the highly prospective Colter discovery
which is due to be drilled later this year. Although the Option has
lapsed we remain extremely supportive and positive about its
potential and are actively progressing discussions with our
partners on increasing our stake in the project, which will be
drilled later this year.
"In tandem with this we are focussed on implementing our
strategic portfolio approach of identifying and acquiring
exploration/development plays that offer investors near term value
trigger opportunities and significant value upside. This was
highlighted by the recent provisional award of two highly
prospective blocks in the Central North Sea. We remain extremely
active in developing a strong pipeline of potential opportunities
that fit our investment criteria and would like to thank
shareholders for their support as we look to build both our
portfolio and value."
**ENDS**
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@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
============================
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 North Africa and
to develop higher risk, higher impact exploration projects in Latin
America and Africa.
The following table outlines the Company's licence
interests:
Country Licence Operator United Interest
Podere Gallina Po Valley Energy
Italy Licence Limited 20%
------------------- -------------------- ----------------
Waddock Cross Egdon Resources UK
United Kingdom Field Limited 26.25%
------------------- -------------------- ----------------
Egdon Resources UK
United Kingdom PL090 Exploration Limited 18.95%
------------------- -------------------- ----------------
Corallian Energy
United Kingdom P1918 Limited 10%
------------------- -------------------- ----------------
Corallian Energy
United Kingdom PEDL 330 Limited 10%
------------------- -------------------- ----------------
Corallian Energy
United Kingdom PEDL 345 Limited 10%
------------------- -------------------- ----------------
Jamaica Walton-Morant Tullow Jamaica Ltd 20%
------------------- -------------------- ----------------
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
DRLVXLFBVQFEBBB
(END) Dow Jones Newswires
June 04, 2018 02:00 ET (06:00 GMT)
United Oil & Gas (LSE:UOG)
Historical Stock Chart
From Apr 2024 to May 2024
United Oil & Gas (LSE:UOG)
Historical Stock Chart
From May 2023 to May 2024