United Oil & Gas PLC Confirmation Award of Four Blocks - UK North Sea (5820L)
September 09 2019 - 1:00AM
UK Regulatory
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 brian.larkin@uogplc.com
Beaumont Cornish Limited (Nominated
Adviser)
Roland Cornish and Felicity Geidt +44 (0) 20 7628 3396
Optiva Securities Limited (Joint
Broker)
Christian Dennis +44 (0) 20 3137 1902
Cenkos Securities Plc (Joint Broker)
Joe Nally (Corporate Broking) +44 (0) 20 7397 8900
Derrick Lee and Pete Lynch +44 (0) 131 220 6939
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 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%
------------------------ -------------------- ----------------
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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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