Italian Licencing Update

RNS Number : 0414Z

United Oil & Gas PLC

07 January 2020

 

United Oil & Gas PLC / Index: AIM / Epic: UOG / Sector: Oil & Gas

7^th January, 2020+BCL

United Oil & Gas PLC ('United' or 'UOG' or 'the Company')

Italian Licencing Update

United Oil & Gas PLC (AIM: "UOG"), the AIM traded oil and gas exploration and development company, notes the announcement issued by Po Valley Energy Limited ("Po Valley"), operator of the Podere Gallina Licence,  stating that they have received formal technical environmental approval from the Italian Environmental Ministry for the development of the Selva Gas field.  United holds a 20% economic interest in the Podere Gallina licence.

This approval is an important milestone in advance of the decision to grant final approval by Environment Minister decree and the issuing of the required INTESA (intergovernmental agreement) and the final grant of a Production Concession issued by Italy's Economic Development Ministry.

A Competent Persons Report included in the Company's AIM Admission Document dated 6 December 2019, covering all of the Podere Gallina Licence, including the Selva Malvezzi Production Concession identified gross 2P Reserves of 13.3Bcf (2.7Bcf net attributable to United), a further 14.1Bcf of gross 2C Contingent Resources (2.8Bcf net attributable), and 91.5Bcf of unrisked gross Prospective Resources (18.3Bcf net attributable).

The Po Valley ASX announcement can be accessed via this link:

https://www.asx.com.au/asxpdf/20200107/pdf/44d3bj9wwlt6x7.pdf

Brian Larkin CEO, United Oil and Gas PLC:

'This approval is an important milestone in the proposed development of the Selva Gas Field.  We look forward to further constructive engagement with the Italian Government and continued progress on this field, with the objective of achieving first production in 2020.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

ENDS

United Oil & Gas Plc (Company)
Brian Larkin, CEO	[e-mail]
Beaumont Cornish Limited (Nominated Adviser)
Roland Cornish and Felicity Geidt	[phone]
Optiva Securities Limited (Joint Broker)
Christian Dennis	[phone]
Cenkos Securities Plc (Joint Broker)
Joe Nally (Corporate Broking) Derrick Lee and Pete Lynch	[phone] [phone]
Murray (PR Advisor)	[phone]
Joe Heron	[e-mail]
St Brides Partners (Financial PR/IR)
Frank Buhagiar and Priit Piip	[phone]

Notes to Editors

United Oil & Gas plc (UOG) is an AIM-traded company.  United was established to explore, appraise and develop low risk assets in Europe and to develop higher risk, higher impact exploration projects in the Caribbean, Latin America and Africa.

 

END

 

 

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