Colter Appraisal Well Results

RNS Number : 9361Q

United Oil & Gas PLC

25 February 2019

 

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

25 February 2019

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

Colter Appraisal Well Results

United Oil & Gas Plc, the London Stock Exchange listed oil and gas exploration and development company, is pleased to provide the following update on the Colter appraisal well ('the Well' or 'Colter'), currently being drilled by Corallian Energy Limited ('Corallian') in the P1918 licence in the Wessex Basin.  United holds a 10% interest in the licence.

The Colter well (98/11a-6) has been drilled as a vertical well with the Ensco-72 jack-up rig and has reached a Total Depth of 1870m MD in the Sherwood Sandstone. The Well is an appraisal of the 98/11-3 well, drilled in 1986 by British Gas, within the Colter Prospect. 

The 98/11a-6 well unexpectedly remained on the southern side of the Colter Prospect bounding fault but encountered oil and gas shows over a 9.4 metre interval at the top of the Sherwood Sandstone reservoir, a separate discovery to the original appraisal target. A petrophysical evaluation of the LWD data has calculated a net pay of 3 metres. Similar indications of oil and gas were encountered in the 98/11-1 well, drilled in 1983 by British Gas, within the Colter South fault terrace.

Provisional analysis of the new data indicates that the two wells may a share a common oil-water-contact having both intersected the down-dip margin of the Colter South prospect. Corallian's most recent assessment of the Colter South Prospect prior to drilling the 98/11a-6 well had estimated a mean recoverable volume of 15 mmbbls. Further work will be required to refine this assessment with the new well data.

The joint venture has commenced preparations to side-track the 98/11a-6 well. The side-track will be drilled directionally to a Sherwood Sandstone target within the Colter prospect on the northern side of the bounding fault and will take approximately two weeks to complete.

United Oil & Gas PLC CEO, Brian Larkin, said: "Initial results from Colter have delivered a bonus in the form of an additional hydrocarbon structure, which has excellent initial oil and gas shows.  This offers opportunity for future appraisal and to increase the overall value of the Colter licence for our shareholders. More work will be required to determine the resource potential within the structure, and we will update shareholders on the outcome of the side-track well in the coming weeks."

**ENDS**

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]
St Brides Partners (Financial PR/IR)
Frank Buhagiar and Juliet Earl	[phone]

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 to develop higher risk, higher impact exploration projects in the Caribbean, Latin America and Africa.

The following table outlines the Company's licence interests:

Country	Licence	Operator	United Interest	Next Stage of Development
Italy	Podere Gallina Licence	Po Valley Energy Limited	20%	CPR nearing completion Infrastructure build 2019 Production in 2020 Further seismic to identify other opportunities in licence 2019
UK	Waddock Cross Field	Egdon Resources UK Limited	26.25%	CPR Published Development drilling targeted in 2019
UK	PL090 Exploration	Egdon Resources UK Limited	18.95%	Technical work to de-risk exploration targets continuing
UK	P1918	Corallian Energy Limited	10%	Colter Drill Ongoing Results currently under evaluation.
UK	PEDL 330	Corallian Energy Limited	10%	Technical work to de-risk exploration targets continuing
UK	PEDL 345	Corallian Energy Limited	10%	Technical work to de-risk exploration targets continuing
UK	P2366	United Oil & Gas Plc	95%	CPR published Seismic reprocessing underway ahead of likely Farm Down Process
Jamaica	Walton-Morant	Tullow Jamaica Ltd	20%	CPR published Interpretation of Seismic ongoing ahead of Farm Down Process

 

END

 

 

DRLTIMMTMBATTFL