United Oil & Gas PLC Confirmation Award of Four Blocks - UK North Sea (5820L)

TIDMUOG

RNS Number : 5820L

United Oil & Gas PLC

09 September 2019

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

9 September 2019

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

Confirmation of Award of Four Blocks in the UK North Sea

Highlights:

-- Award of Blocks 14/15c, 15/11c, 15/12a, and 15/13c (Licence P2480) to United in UK 31(st) Licensing Round on a 100% basis

-- Award in line with United's European-area strategy to identify and acquire low-risk assets that offer investors near term value trigger opportunities and significant value upside

United Oil & Gas Plc, the London Stock Exchange listed oil and gas exploration and development company, is pleased to confirm that further to the announcement of 5 June 2019, it has accepted the formal offer from the Oil and Gas Authority, the UK oil and gas regulator, of a 100% interest in Blocks 14/15c, 15/11c, 15/12a, and 15/13c (Licence P2480), with the licence term beginning 15 July 2019. The four highly prospective blocks in the Central North Sea cover an area of c. 500 sq km, and include the Zeta prospect, which United estimates could contain over 90 million barrels of in-place oil. The Blocks, which lie 10km from United's Crown Discovery, are close to the Marigold and Yeoman discoveries and the substantial Piper, MacCulloch and Claymore oil fields.

The Blocks have been awarded on the basis of a low-cost work programme involving the purchase of an existing high-quality 3D seismic dataset and detailed geological and geophysical analysis. This analysis is planned to better quantify the chance of success and reduce the uncertainty on the estimated oil volumes, ahead of making a drilling commitment.

Further information on the Blocks is included in United's announcement on 5 June 2019 (https://polaris.brighterir.com/public/united_oil_and_gas/news/rns/story/x8j9pow)

United Oil & Gas Plc COO, Jonathan Leather, said, "We are delighted with these awards, which, based on extensive technical work carried out over the available acreage ahead of the application were our primary focus for the 31(st) Round.

"This is our second successful UK licencing round and our largest award to date. United has done well to be included in the roster of companies which have been successful in this round, including Chrysaor, Equinor, Chevron and Total."

Update on Blocks 98/11b and 98/12

In the same licencing round, United was Provisionally awarded 10% interest in Blocks 98/11b and 98/12 in the English Channel, which lie contiguous with United's 10% interest in the Colter P1918 Licence and contain the Ballard Point discovery and the eastern portion of the Colter South discovery. The Company expects to receive confirmation on these licences in the coming weeks and will provide an update on this in due course.

ENDS

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

Qualified Person's Statement

Jonathan Leather, an Executive Director of the Company, who has over 20 years of relevant experience in the oil and gas industry, has approved the information contained in this announcement. Dr. Jonathan Leather is a member of the Petroleum Exploration Society of Great Britain and the Society of Petroleum Engineers.

For more information please visit the Company's website at www.uogplc.com or contact:

 
 United Oil & Gas Plc (Company) 
 Brian Larkin, CEO                       [e-mail] 
 Beaumont Cornish Limited (Nominated 
  Adviser) 
 Roland Cornish and Felicity Geidt       [phone] 
 Optiva Securities Limited (Joint 
  Broker) 
 Christian Dennis                        [phone] 
 Cenkos Securities Plc (Joint Broker) 
 Joe Nally (Corporate Broking)            [phone] 
  Derrick Lee and Pete Lynch               [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 an AIM-traded company. 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 
                                      Po Valley Energy 
 Italy      Podere Gallina Licence     Limited              20% 
           ------------------------  --------------------  ---------------- 
                                      Egdon Resources 
 UK         Waddock Cross Field        UK Limited           26.25% 
           ------------------------  --------------------  ---------------- 
                                      Egdon Resources 
 UK         PL090 Exploration          UK Limited           18.95% 
           ------------------------  --------------------  ---------------- 
                                      Corallian Energy 
 UK         P1918                      Limited              10% 
           ------------------------  --------------------  ---------------- 
                                      Corallian Energy 
  UK        PEDL 330                   Limited              10% 
           ------------------------  --------------------  ---------------- 
                                      Corallian Energy 
 UK         PEDL 345                   Limited              10% 
           ------------------------  --------------------  ---------------- 
                                      United Oil & Gas 
 UK         P2366                      Plc                  95% 
           ------------------------  --------------------  ---------------- 
 Jamaica    Walton-Morant             Tullow Jamaica Ltd    20% 
           ------------------------  --------------------  ---------------- 
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

END

MSCUGUMABUPBGBR

(END) Dow Jones Newswires

September 09, 2019 02:00 ET (06:00 GMT)