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).
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Enquiries
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United Oil & Gas Plc
(Company)
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Brian Larkin, CEO
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brian.larkin@uogplc.com
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Beaumont Cornish
Limited (Nominated Adviser)
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Roland Cornish | Felicity
Geidt | Asia Szusciak
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+44 (0) 20 7628 3396
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Tennyson Securities (Joint
Broker)
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Peter Krens
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+44 (0) 020 7186 9030
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Optiva Securities
Limited (Joint Broker)
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Christian Dennis
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+44 (0) 20 3137 1902
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Camarco (Financial
PR)
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Andrew Turner | Emily Hall | Sam
Morris
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+44 (0) 20 3757 4983
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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
