Update on Walton-Morant Licence

RNS Number : 4731G

United Oil & Gas PLC

02 March 2018

 

                                                                                                                                2^nd March 2018

United Oil & Gas Plc

Update on Walton-Morant Licence

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 the completion of the farm-in and the transfer of the 20 per cent. interest in the Walton-Morant Licence, offshore Jamaica from Tullow Jamaica Limited ("Tullow") to UOG.

Further to the announcement of 27 November 2017, the Company confirms that the Petroleum Corporation of Jamaica ("PCJ") has granted its approval to the assignment, assumption of obligations and transfer of the 20 per cent. interest in the Walton-Morant Licence to UOG with the effect from 1^ST March. Accordingly, Tullow, the operator, has now 80 per cent. interest and UOG 20 per cent. interest in the Walton-Morant Licence.

In addition, the Company has been informed by Tullow that it intends to commence acquiring the 3D seismic focusing on the high-graded Colibri lead in March 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]

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 Ltd	20%
United Kingdom	Waddock Cross Field	Egdon Oil Plc	26.25%
United Kingdom	PL090 Exploration	Egdon Oil Plc	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 Limited	20%

*Offshore

** Option to acquire a further 10%

In addition, UOG has an option agreement to farm into offshore Block 49/29c UK Licence P2264 which contains the Acle prospect. On exercise of this option agreement UOG will acquire a 24% interest in the licence.

 

END

 

 

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