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UOG United Oil & Gas Plc

0.195
0.00 (0.00%)
Last Updated: 08:00:00
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
  0.00 0.00% 0.195 0.19 0.20 0.195 0.195 0.195 1,716,425 08:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Crude Petroleum & Natural Gs 15.83M 2.35M 0.0036 0.53 1.25M

United Oil & Gas PLC Update (9803K)

19/12/2018 11:00am

UK Regulatory


United Oil & Gas (LSE:UOG)
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TIDMUOG

RNS Number : 9803K

United Oil & Gas PLC

19 December 2018

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

19 December 2018

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

Update

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

The Company has been advised that the Ensco 72 jack-up drilling unit, which has been contracted to drill Colter, has been mobilised to the Wick prospect drilling location. As previously disclosed, as soon as drilling operations at Wick have been completed, the drilling unit will be mobilised to the Colter drilling location. Colter is scheduled to be drilled in Q1 2019 and UOG will provide further updates on the timing of the Colter well programme in the new year.

Colter 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 new well will be drilled updip of 98/11-3 targeting significant potential that has been identified following reprocessing of 3D seismic data. The gross unrisked mid-case oil contingent resources in the section proven up by the 98/11-3 well have been estimated at 4mmbbls, with gross unrisked mean-case prospective resources estimated at 15mmbbls in the rest of the structure.

United Oil & Gas PLC CEO, Brian Larkin, said: "The drilling of Colter in Q1 2019 will kick off what promises to be another exciting year for United. As well as appraising a historic discovery at Colter, which we believe could hold in aggregate up to 19mmbbls of gross contingent and prospective resources, shareholders can look forward to further high impact activity across our portfolio of late stage European development projects and frontier exploration offshore Jamaica. This includes advancing the Podere Maiar gas discovery on the Podere Gallina licence onshore Italy towards first production; results from the ongoing processing and interpretation work of the recently acquired 3D seismic over the Colibri target on the Tullow Oil operated Walton-Morant licence, offshore Jamaica; and further progress in de-risking the Crown discovery in the North Sea."

**ENDS**

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

 
 United Oil & Gas Plc (Company) 
 Brian Larkin                           brian.larkin@uogplc.com 
 
 Optiva Securities Limited (Broker) 
 Christian Dennis                       +44 (0) 20 3137 1902 
 
 Beaumont Cornish Limited (Financial 
  Adviser) 
 Roland Cornish and Felicity Geidt      +44 (0) 20 7628 3396 
 
 Murray (PR Advisor)                    +353 (0) 87 6909735 
 Joe Heron                              jheron@murrayconsultants.ie 
 
 St Brides Partners (Financial 
  PR/IR) 
 Frank Buhagiar and Juliet Earl         +44 (0) 207 236 1177 
 
 
 
 

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 
                   Podere Gallina       Po Valley Energy 
 Italy              Licence              Limited              20% 
                  -------------------  --------------------  ---------------- 
                   Waddock Cross        Egdon Resources UK 
 United Kingdom     Field                Limited              26.25% 
                  -------------------  --------------------  ---------------- 
                                        Egdon Resources UK 
 United Kingdom    PL090 Exploration     Limited              18.95% 
                  -------------------  --------------------  ---------------- 
                                        Corallian Energy 
 United Kingdom    P1918                 Limited              10% 
                  -------------------  --------------------  ---------------- 
                                        Corallian Energy 
 United Kingdom    PEDL 330              Limited              10% 
                  -------------------  --------------------  ---------------- 
                                        Corallian Energy 
 United Kingdom    PEDL 345              Limited              10% 
                  -------------------  --------------------  ---------------- 
                                        United Oil & Gas 
 United Kingdom    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 rns@lseg.com or visit www.rns.com.

END

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December 19, 2018 06:00 ET (11:00 GMT)

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