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UOG United Oil & Gas Plc

0.175
-0.015 (-7.89%)
Last Updated: 09:29:43
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
United Oil & Gas Plc LSE:UOG London Ordinary Share GB00BYX0MB92 ORD GBP0.00001
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.015 -7.89% 0.175 0.16 0.19 0.19 0.17 0.19 8,565,015 09:29:43
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Crude Petroleum & Natural Gs 15.83M 2.35M 0.0036 0.47 1.12M

United Oil & Gas PLC Licence Update – Waddock Cross Licence Extension

02/04/2024 7:00am

RNS Regulatory News


RNS Number : 7447I
United Oil & Gas PLC
02 April 2024
 

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

 

02 April 2024

United Oil & Gas plc

("United" or "the Company")

Licence Update - Waddock Cross Licence Extension

 

United Oil & Gas Plc (AIM: "UOG"), the oil and gas company with a high impact exploration asset in Jamaica and a development asset in the UK is pleased to announce the following update in relation to Waddock Cross oil field in which United has 26.25% working interest.

 

Highlights

 

-       5-year extension to the PL090 Licence that contains the Waddock Cross oil field has been granted.

-       57 million barrels of Stock Tank Oil Initially in Place.

-       Potential for the oil field to produce 500 to 800 barrels of oil per day (gross) with approximately 1 million barrels of gross recoverable oil when redeveloped with a new horizontal well.

 

Waddock Cross Licence Extension

 

United is pleased to announce that the North Sea Transition Authority ("NSTA") have signed a Deed of Variation relating to licence PL090 (which contains the Waddock Cross oil field) with the effect of extending the term of the Licence for another 5 years through to 31 March 2029.

 

As previously reported, Egdon Resources as the licence operator (the "Operator"), previously coordinated the completion of reservoir modelling work on Waddock Cross. From this work, the Operator estimates that Waddock Cross contains a significant Stock Tank Oil Initially in Place (STOIIP) volume of 57 million barrels of oil, and that a new horizontal well could yield commercial oil production of 500-800 barrels of oil per day (gross) and c. 1 million barrels (gross) of gross recoverable oil.

 

Egdon Resources is progressing plans for redeveloping Waddock Cross, including advancing the required planning permissions and permit application.

 

United Chief Executive Officer, Brian Larkin commented:

 

"As a company our near-term focus is on advancing the Walton Morant Licence in Jamaica and the Waddock Cross oil field in the UK, where we hold a 26.25% working interest.

We are delighted to announce that the North Sea Transition Authority (NSTA) has signed a Deed of Variation extending the term of Licence PL090, which contains the Waddock Cross oil field, for another 5 years through to 31 March 2029. This is a significant milestone for us, and we are excited about the low risk, high margin redevelopment opportunity it presents.

We believe that a new horizontal well at Waddock Cross could yield commercial oil production of 500-800 barrels per day (gross) and approximately 1 million barrels (gross) recovery. We are looking forward to working with the Operator as plans to restart production at Waddock Cross are actively progressed."

 

END

 

 

This announcement contains inside information for the purposes of Article 7 of Regulation 2014/596/EU which is part of domestic UK law

pursuant to the Market Abuse (Amendment) (EU Exit) regulations (SI 2019/310).

 

 

Enquiries



United Oil & Gas Plc (Company)



Brian Larkin, CEO


brian.larkin@uogplc.com







Beaumont Cornish Limited (Nominated Adviser)



Roland Cornish | Felicity Geidt | Asia Szusciak


+44 (0) 20 7628 3396

 

Tennyson Securities (Joint Broker)



Peter Krens


+44 (0) 020 7186 9030

 

Optiva Securities Limited (Joint Broker)



Christian Dennis


+44 (0) 20 3137 1902




Camarco (Financial PR)



Andrew Turner | Emily Hall | Sam Morris


+44 (0) 20 3757 4983

 

 

Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated Adviser and is authorised and regulated by the FCA. Beaumont Cornish's responsibilities as the Company's Nominated Adviser, including a responsibility to advise and guide the Company on its responsibilities under the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed solely to the London Stock Exchange. Beaumont Cornish is not acting for and will not be responsible to any other persons for providing protections afforded to customers of Beaumont Cornish nor for advising them in relation to the proposed arrangements described in this announcement or any matter referred to in it.

 

 

Notes to Editors

United Oil & Gas is an oil and gas company with a development asset in the UK and a high impact exploration licence in Jamaica.

 

The business is led by an experienced management team with a strong track record of growing full cycle businesses, partnered with established industry players and is well positioned to deliver future growth through portfolio optimisation and targeted acquisitions.

United Oil & Gas is listed on the AIM market of the London Stock Exchange. For further information on United Oil and Gas please visit www.uogplc.com 

 

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 rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
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