Spud of Colter Appraisal Well

RNS Number : 2552P

United Oil & Gas PLC

06 February 2019

 

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

6 February 2019

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

Spud of Colter Appraisal Well

·     Colter appraisal well spudded on 6 February (United 10% interest)

·     Targeting a historic discovery with 19mmbbls of unrisked gross contingent and prospective resources associated with the structure

·     Located adjacent to Wytch Farm - Europe's largest onshore oil field

·     Drilling expected to take three weeks

United Oil & Gas Plc, the London Stock Exchange listed oil and gas exploration and development company, is pleased to announce that it has been notified by Corallian Energy Limited ('Corallian'), the operator of the P1918 licence in the Wessex Basin, that the Colter 98/11a-5 appraisal well ('the Well' or 'Colter') spudded at 1010 hrs on 6 February 2019.  United holds a 10% interest in the Well which will appraise a historic discovery that lies immediately to the south of Europe's largest onshore oil field at Wytch Farm.  The discovery was made in 1986 by well 98/11-3, which encountered a 10.5m oil column in the Sherwood Sandstone reservoir, the same play that has proven to be so productive at Wytch Farm where over 450mmbbls have been produced to date.

The Ensco-72 jack-up drilling unit has been contracted to drill the Well to an intended total depth of 1,830m metres, with drilling expected to take approximately three weeks.  Colter will be drilled updip of 98/11-3 targeting significant potential that has been identified following reprocessing of 3D seismic data.  The gross un-risked mid-case oil contingent resources in the section proven up by the 98/11-3 well have been estimated at 4mmbbls, with gross un-risked mean-case prospective resources estimated at 15mmbbls in the rest of the structure. 

United Oil & Gas PLC CEO, Brian Larkin, said: "The commencement of drilling operations at Colter is yet another key development for the Company.  Colter is the second well United has participated in within the last twelve months, the first being the successful Podere Maiar well at the Selva gas field in Italy. Targeting a historic discovery on the same play as the nearby prolific Wytch Farm Field and with an aggregate mid-case volume of 19mmbbls of gross contingent and prospective resources, we believe Colter offers an excellent opportunity to emulate the success we enjoyed with Podere Maiar.  

"We look forward to updating shareholders on operations at Colter as well as activity across our portfolio of low risk, late stage appraisal/development projects in Europe and a high impact exploration play offshore Jamaica. Following our first Competent Person's Report covering the Crown Oil Discovery in the North Sea and the Waddock Cross Field in the Wessex Basin, and with CPRs due for our offshore Jamaica and onshore Italy projects, we believe that 2019 is the year in which we will unlock the significant potential of the diverse portfolio that we have built." 

**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 Work continuing to high-grade other opportunities in licence
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 Commenced Results due in early - mid March
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 nearing completion Interpretation of Seismic ongoing ahead of Farm Down Process

 

END

 

 

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