Colter Appraisal Well Option Update

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	[e-mail]
Optiva Securities Limited (Broker)
Christian Dennis	[phone]
Beaumont Cornish Limited (Financial Adviser)
Roland Cornish and Felicity Geidt	[phone]
Murray (PR Advisor)	[phone]
Joe Heron	[e-mail]

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
Italy	Podere Gallina Licence	Po Valley Energy Limited	20%
United Kingdom	Waddock Cross Field	Egdon Resources UK Limited	26.25%
United Kingdom	PL090 Exploration	Egdon Resources UK Limited	18.95%
United Kingdom	P1918	Corallian Energy Limited	10%
United Kingdom	PEDL 330	Corallian Energy Limited	10%
United Kingdom	PEDL 345	Corallian Energy Limited	10%
Jamaica	Walton-Morant	Tullow Jamaica Ltd	20%

 

END

 

 

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