Corallian farmout agreement - extension of option

RNS Number : 9434M

United Oil & Gas PLC

02 May 2018

 

                                                                                                                                          2 May 2018

United Oil & Gas Plc

Corallian farmout agreement

Extension of Option over Additional Farmed Interest

United Oil & Gas Plc ("UOG", "United" or the "Company"), the London Stock Exchange listed oil and gas exploration and development company, is pleased to announce that the option over the right to purchase an additional 10% farmed interest in the Corallian Energy Limited interests in its southern UK oil and gas assets has now been extended to 31 May 2018.

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]

Appendix 1

The Licence

Licence No.	Licence Date	JOA Date	Current Licensees	Current Percentage Interest
P1918	14/06/2012	05/02/2013	Corallian Energy Limited	60%
			Corfe Energy Limited	40%
PEDL330	15/09/2016	None	Corallian Energy Limited	60%
			Corfe Energy Limited	40%
PEDL345	15/09/2016	None	Corallian Energy Limited	60%
			Corfe Energy Limited	40%

Part II

The Farmed Interest

Party	Current Percentage Interest	Farmed Interest	Future Percentage Interest
Corallian Energy Limited	60%	10-20% to United	40-50%
United Oil & Gas plc	nil	10-20% from Corallian	10-20%

Editor's Note:

United Oil & Gas plc (UOG) is listed on the main market of the London Stock Exchange.  UOG 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 current licences:

Country	Licence	Operator	United Holding
Italy	Podere Gallina Licence	Po Valley Energy	20%
United Kingdom	Waddock Cross Field	Egdon Oil Plc	26.25%
United Kingdom	PL090 Exploration	Egdon Oil Plc	18.95%
United Kingdom	P1918*	Corallian	10%**
United Kingdom	PEDL 330	Corallian	10%**
United Kingdom	PEDL 345	Corallian	10%**
Jamaica	Walton-Morant	Tullow Oil plc	20%

*Offshore

** Option to acquire a further 10%

 

END

 

 

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