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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 |
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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