Provisional Award of UK Blocks, Includes Discovery

RNS Number : 1130P

United Oil & Gas PLC

24 May 2018

 

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

May 24, 2018

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

Provisionally Awarded Two Blocks, Including an Oil Discovery, in the UK North Sea

Highlights:

·     Blocks 15/18d and 15/19b provisionally awarded to United in UK 30^th Licensing Round

·     Award includes Crown oil discovery, which could contain up to 16 million barrels of oil

·     Forms part of United's strategy to build a portfolio of high grade targets with near term activity

·     Portfolio now includes a blend of commercial discoveries, appraisal projects and high impact exploration

United Oil & Gas Plc, the London Stock Exchange listed oil and gas exploration and development company, is pleased to announce that it has been provisionally awarded, in the UK Continental Shelf 30th Offshore Licensing Round, two highly prospective blocks in the Central North Sea, including the Crown Oil Discovery which could contain up to 16 million barrels of recoverable oil. 

The Company has been provisionally awarded a 95% interest in Blocks 15/18d and 15/19b which cover an area of c. 13.6 sq km and contain multiple targets.  The Blocks, which have been applied for in conjunction with private oil and gas exploration company Swift Exploration Ltd, are close to the substantial Piper, MacCulloch and Dumbarton/Donan oil fields.

Block 15/19b contains the Palaeocene Crown Discovery, which was made following the drilling of well 15/19-9 in 1998 by ConocoPhillips.  United's internal estimates suggest a range in recoverable volumes for Crown of 4-16mmbbls oil, with mid-case estimates of ~9mmbbls.

The Blocks have been awarded on the basis of a work programme involving seismic reprocessing to reduce the uncertainty on the estimated oil volumes and to optimise the location of any future development well.

The licence applications are part of the Company's strategy to identify and acquire exploration/development plays that offer investors near term value trigger opportunities and significant value upside.

United Oil & Gas Plc CEO, Brian Larkin, said, "We rated the Crown discovery our primary target in the 30^th Round.  This was based on the results of extensive technical work carried out over the available acreage ahead of the application.  We are therefore looking forward to commencing the work programme which is focused on progressing the Crown Discovery towards development, as well as delineating additional prospectivity across both licences.

"The award of the blocks is part of the strategy of utilising our technical expertise to develop what we believe to be highly prospective opportunities.  Crown is the latest addition to our growing portfolio of high grade targets in the UK, Italy, and offshore Jamaica that are at various stages of development and monetisation. We continue to evaluate further acquisition opportunities and with activity taking place across our portfolio in H2 2018, including appraisal drilling of the Colter Discovery, the next few months will not be short of high impact newsflow."

**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%

** Option to acquire a further 10%

 

END

 

 

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