United Oil & Gas Share Discussion Threads

[cpap man] 07/2/2019 07:44

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

7 February 2019

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

CPR for Selva Gas Field, Onshore Italy



Highlights

· Gross 2P reserves of 13.3BCF assigned to Selva Gas Field by CGG following reclassification of previously reported gross contingent resources ('2C')

o Equates to 2.7BCF of net 2P reserves attributable to United

· Represents United's first reserves and follows successful drilling and testing of Podere Maiar well ('PM-1') in January 2018

· Selva Gas Field on course to commence production in 2020 - preliminary award of production concession received in January 2019



United Oil & Gas Plc, the London Stock Exchange listed oil and gas exploration and development company, is pleased to announce the results of an independent Competent Person's Report ('CPR') prepared by CGG Services (UK) Limited ('CGG') covering the Selva Gas Field ('the Selva Field' or 'Selva'), onshore Italy, including a reclassification of previously reported gross contingent resources ('2C') to the higher confidence and more valuable category of 2P (proven plus probable) reserves of 13.3BCF. United holds a 20% interest in Selva which sits within the Podere Gallina Exploration Permit ('Podere Gallina' or the 'Licence'), located in the Po Valley region of Italy, a proven hydrocarbon region where over 5,000 wells have been drilled historically.



The CPR was completed by CGG following positive flow testing of the Podere Maiar-1 well ('PM-1') from two targeted reservoirs in January 2018.

[soulsauce] 07/2/2019 07:37

More good news. Looking forward to Jamaica cpr that's the big one.

[johncasey] 07/2/2019 07:16

pxog market cap only £3m

[johncasey] 07/2/2019 07:15

pxog got the same one too

[soulsauce] 06/2/2019 23:14

Approx 3 wks.

[avsome1968] 06/2/2019 22:58

How long will it take to drill what depth are they drilling please.

[soulsauce] 06/2/2019 14:16

Agree Dorset I have long said Colter is not the main deal here and the rest of the portfolio and the 'transformational deal', whenever and if ever that happens, is where the money will be made.

[dorset64] 06/2/2019 13:46

Surprised at today's climbing share price really, as today's news is not that huge for the company even if it comes in above expectations, although, no doubt, if the drill bits comes back up dry, the share price will be decreasing by more.

If the rest of our portfolio comes in that is where we'll see the huge increases I'm here for and longer term into the future.

[soulsauce] 06/2/2019 12:51

Assuming the continued selling stops paulie.

[maverick247] 06/2/2019 12:51

A great overview of the UOG portfolio



From here expect news on:

Colter

Crown JV now CPR's complete 95% UOG can farm down for free carry

Jamaica and Italy CPR's Jamaica should be hundreds of millions of barrels - thats just target 1 Colibri - seismic has determined larger targets which could result in an acreage offering multi-bin barrels

Italy Seismic East Selva 3-5X larger than Selva with $2m a year to UOG

Waddock Cross Drill (Development) H2 worth circa 200bopd to UOG and production expected 2019

Acle Farmin-in option

Portfolio has increased in NAV by 800% over last year risked NAV 18p per share / Un-risked 75p

So it really now is about moving the assets through further derisking to value

2019 should bet exciting not least as we expect a new deal anytime from now too

[pauliewonder] 06/2/2019 12:49

Agree SS, we could be close to moving on to the next level from here. Lots of news to come, and good news at that.

[soulsauce] 06/2/2019 12:17

Another clue that cpr coming soon on Jamaica. That will be in the hundreds of millions of barrels with a big partner unlike Crown.

Could be a big mover.

[soulsauce] 06/2/2019 12:12

Amazing how people buy now when they had opportunity cheaper. Did they not know spud was due lol.

Great news.

[pauliewonder] 06/2/2019 11:00

Cloter well spudded at 10:10 according to Andolas Energy rns :)

Good luck all, going to be a quick one and a 58% COS.

[fbrj] 06/2/2019 10:59

Colter spud



EDIT - now announced by UOG too

[billyboychrisd] 05/2/2019 08:46

Might be wrong, but I seem to remember no tr1 regarding European families as they split the purchase across various sources to avoid crossing the threshold.

[soulsauce] 04/2/2019 17:42

Sorry snickerdog the reference to Tr1s is with regards to the length of time the selling has been going on.
Yes it could be multiple sellers but I refuse to believe it is PIs with news due and the pattern has been going on consistently since the last raise.
Also the last placing was supposed to have been taken up by two European families yet nothing for that either.

[snickerdog] 04/2/2019 17:25

Soulsauce if you look at the trades then you will see that the drop was caused by relatively small trades, UOG then went back to flat on low volume which would be unlikely if there was to be a TR-1 sized seller on the order book.I can ask someone tomorrow for a screenshot of the order book, think it was a just relatively weak day really

[soulsauce] 04/2/2019 12:03

I see our seller is still very much with us. Still no Tr1 notification 😕

[mcpaulas] 04/2/2019 11:22

An ocean full of windmills is a far bigger eyesore than one rig but windmills are more acceptable.

[spangle93] 04/2/2019 10:43

Not if you see a roaring flare from it ;-)

[dorset64] 04/2/2019 10:01

Would need some strong binoculars to see it from my bedroom window but you won't hear me moaning about it :)

[soulsauce] 04/2/2019 09:32

Yes and tourism means a lot of people getting in cars, trains and planes and travelling hundreds of miles.
I am sure those around Poole harbour all have the biggest gas guzzlers, and probably two or three of them per household.