Proactiveinvestors United Kingdom United Oil & Gas PLC https://www.proactiveinvestors.co.uk Proactiveinvestors United Kingdom United Oil & Gas PLC RSS feed en Fri, 19 Jul 2019 07:09:47 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[Media files - United Oil delivering on strategy as it achieves ‘excellent’ outcome from Crown sale ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/14137/united-oil-delivering-on-strategy-as-it-achieves-excellent-outcome-from-crown-sale-14137.html Thu, 18 Jul 2019 15:27:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/14137/united-oil-delivering-on-strategy-as-it-achieves-excellent-outcome-from-crown-sale-14137.html <![CDATA[News - United Oil & Gas to sell North Sea blocks for up to US$5mln ]]> https://www.proactiveinvestors.co.uk/companies/news/224062/united-oil--gas-to-sell-north-sea-blocks-for-up-to-us5mln-224062.html United Oil & Gas PLC (LON:UOG) has signed a heads of terms to sell two blocks in the North Sea to Anasuria Hibiscus UK Limited for up to US$5mln.

The group holds a 95% stake in blocks 15/18d and 15/19b, which include the Crown Discovery that was initially discovered by energy giant ConocoPhilips in 1998.

On completion of the sale, UOG will receive US$950,000 for the blocks while US$50,000 will be paid to minority shareholder and partner, Swift Exploration Ltd.

An additional amount of up to US$3mln will be paid before the end of 2020, depending on certain milestones being achieved.

The deal is subject to completion of due diligence, regulatory approval and definitive documentation, UOG said.

"Our primary goal as a management team is to deliver value for our shareholders,” UOG chief executive Brian Larkin said. 

“The work of our technical team in attaining and developing this licence has delivered an excellent outcome for the company, allowing us, on completion, to realise a significant return in a very short space of time.

“Our strategy involves the active management of our portfolio of assets, and this transaction demonstrates our ability to deliver on that strategy.”

Last month UOG announced that it has landed four new licences in the central North Sea via the UK’s 31st offshore licensing round.

READ: United Oil & Gas lands new North Sea acreage in UK licensing round

It said it has been awarded a total of 500 square kilometres across the four blocks, positioned in a “highly prospective” area close to the Marigold and Yeoman discoveries, and, the Piper, MacCulloch and Claymore oil fields.

]]>
Wed, 17 Jul 2019 12:01:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/224062/united-oil--gas-to-sell-north-sea-blocks-for-up-to-us5mln-224062.html
<![CDATA[RNS press release - United proposed sale of Crown Discovery ]]> https://www.proactiveinvestors.co.uk/companies/rns/15879/LSE20190717112003_14153048/ Wed, 17 Jul 2019 11:20:03 +0100 https://www.proactiveinvestors.co.uk/companies/rns/15879/LSE20190717112003_14153048/ <![CDATA[News - Optiva has risked valuation of 11.4p per share for United Oil & Gas on a fully diluted basis ]]> https://www.proactiveinvestors.co.uk/companies/news/223768/optiva-has-risked-valuation-of-114p-per-share-for-united-oil--gas-on-a-fully-diluted-basis-223768.html Optiva Securities analyst Barney Gray has a risked valuation of 11.4p per share for United Oil & Gas PLC (LON:UOG) on a fully diluted basis, while noting that this includes no value for Benin or the provisionally awarded 31st Round Blocks.

In a recent note, Gray said: “Although we reserve the opportunity to adjust our assessment in the event of the conclusion of potential farm-in opportunities, we note that that our unrisked valuation for United is over 51p per share at this stage, representing major potential upside to the company.

“This could be augmented further should United’s most recent acquisitions demonstrate significant promise upon further analysis.”

Optiva has a ‘buy’ stance on United shares, which currently change hands for 3.85p each.

]]>
Thu, 11 Jul 2019 15:40:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/223768/optiva-has-risked-valuation-of-114p-per-share-for-united-oil--gas-on-a-fully-diluted-basis-223768.html
<![CDATA[RNS press release - Result of AGM ]]> https://www.proactiveinvestors.co.uk/companies/rns/15879/LSE20190624141504_14122203/ Mon, 24 Jun 2019 14:15:04 +0100 https://www.proactiveinvestors.co.uk/companies/rns/15879/LSE20190624141504_14122203/ <![CDATA[News - United Oil & Gas lands new North Sea acreage in UK licensing round ]]> https://www.proactiveinvestors.co.uk/companies/news/221534/united-oil--gas-lands-new-north-sea-acreage-in-uk-licensing-round-221534.html United Oil & Gas PLC (LON:UOG) shares rose on Wednesday following news the firm has landed four new licences in the central North Sea via the UK’s 31st offshore licensing round.

The company, in a statement, told investors that it has been awarded a total of 500 square kilometres across the four blocks.

It is positioned in a “highly prospective” area close to the Marigold and Yeoman discoveries, and, the Piper, MacCulloch and Claymore oil fields.

The acreage comprises multiple plays and a number of low-risk prospects, including the Zeta target which has been estimated in excess of 90mln barrels and is in proximity to the Crown discovery.

WATCH: United Oil's Brian Larkin welcomes industry big hitter as CFO

"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 31st round,” said Jonathan Leather, United’s chief operating officer.

“The low-risk exploration we have added in the North Sea blocks is significant in its own right, but also adds value to our neighbouring Crown licence, where we have completed the committed seismic reprocessing and where we are now looking to progress development and commercialisation plans.”

Leather added: "The provisional award of the blocks is part of the strategy of utilising our technical expertise to develop what we believe to be highly prospective opportunities. 

“This provisional award is the latest addition to our growing portfolio of high-grade targets in the UK, Italy, Jamaica, and Benin that are at various stages of development and monetisation.

“We continue to evaluate further acquisition opportunities and with activity taking place across our portfolio in H2 2019, the next few months will not be short of high impact newsflow and operational progress."

United also picked up 10% interests in two blocks in the English Channel, where the acreage is contiguous with the Colter discovery.

In late morning trading, shares in United O&G were 3.1% higher at 3.30p.

 -- Adds share price --

]]>
Wed, 05 Jun 2019 08:04:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/221534/united-oil--gas-lands-new-north-sea-acreage-in-uk-licensing-round-221534.html
<![CDATA[RNS press release - United Successful in UK Licensing Round 31 ]]> https://www.proactiveinvestors.co.uk/companies/rns/15879/LSE20190605070008_14098723/ Wed, 05 Jun 2019 07:00:08 +0100 https://www.proactiveinvestors.co.uk/companies/rns/15879/LSE20190605070008_14098723/ <![CDATA[Media files - United Oil's Brian Larkin welcomes industry big hitter as CFO ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/13543/united-oil-s-brian-larkin-welcomes-industry-big-hitter-as-cfo-13543.html Fri, 31 May 2019 12:07:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/13543/united-oil-s-brian-larkin-welcomes-industry-big-hitter-as-cfo-13543.html <![CDATA[News - United Oil & Gas hires David Quirke as new chief financial officer ]]> https://www.proactiveinvestors.co.uk/companies/news/221276/united-oil--gas-hires-david-quirke-as-new-chief-financial-officer-221276.html United Oil & Gas PLC (LON:UOG) has appointed David Quirke as the company’s new chief financial officer.

Quirke joins the company on 24 June. He was previously with Tullow Oil, leading the oiler’s ‘treasury function’ between 2003 and 2017, and more recently was advising Assala Energy following its acquisition of Shell’s assets in Gabon.

READ: United Oil & Gas’s Brian Larkin delighted with year of progress

"We are delighted to persuade someone of David's calibre and experience to join us for the next phase of our development,” said Brian Larkin, chief executive.

“We are building a team that will enable United to fulfil the undoubted potential of our asset base and to further grow this company."    

Larkin added: “David's experience in an international FTSE 100 company and extensive banking relationships will strengthen our ability to develop new funding avenues to fuel our growth.

“His understanding of the capital markets and corporate finance, particularly in the E&P sector, will expand our financial options for both acquisition and operations."

]]>
Fri, 31 May 2019 07:22:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/221276/united-oil--gas-hires-david-quirke-as-new-chief-financial-officer-221276.html
<![CDATA[RNS press release - Appointment of Chief Financial Officer ]]> https://www.proactiveinvestors.co.uk/companies/rns/15879/LSE20190531070003_14093258/ Fri, 31 May 2019 07:00:03 +0100 https://www.proactiveinvestors.co.uk/companies/rns/15879/LSE20190531070003_14093258/ <![CDATA[News - United Oil & Gas’s Brian Larkin delighted with “year of considerable progress” ]]> https://www.proactiveinvestors.co.uk/companies/news/221201/united-oil--gass-brian-larkin-delighted-with-year-of-considerable-progress-221201.html United Oil & Gas PLC (LON:UOG) chief executive Brian Larkin has described himself as delighted as the explorer reported on a “year of considerable progress”.

“2018 saw development at an operations level, through successful drilling in Italy and seismic and other development activity across our portfolio.

“It saw portfolio gains, most notably through success in our first competitive licencing round, with the acquisition of the Crown Discovery in UK Licencing Round 30. 2018 also saw additional strengthening of our technical and corporate team, as we gear up to take full advantage of what is an increasingly strong asset base.”

READ: United Oil & Gas boosted by Italian resource upgrade

Larkin added: “The progress made last year builds on United's already strong start and has been continued into 2019."

Operationally, the highlights included the delivery of the Podere Gallina discovery towards production - due in the third quarter of 2020, when it will create significant cash flow.

The company also had success with a seismic exploration campaign in Jamaica, across the large Walton Morant licence, which has derisked multiple exploration targets.

Since the end of 2018, the company booked its first reserves with 2.7bn cubic feet defined at the 20% owned Selva Gas Field in Italy.

It also expanded the portfolio with the acquisition of a licence in Benin, marking United’s entry into Africa.

In terms of the financial results, the exploration company reported a £810,987 loss for the twelve months ended 31 December 2018, and, it ended the period with US$4.03mln of cash and equivalents.

]]>
Thu, 30 May 2019 08:31:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/221201/united-oil--gass-brian-larkin-delighted-with-year-of-considerable-progress-221201.html
<![CDATA[RNS press release - Final Audited Results and Notice of AGM ]]> https://www.proactiveinvestors.co.uk/companies/rns/15879/LSE20190530070004_14091594/ Thu, 30 May 2019 07:00:04 +0100 https://www.proactiveinvestors.co.uk/companies/rns/15879/LSE20190530070004_14091594/ <![CDATA[News - United Oil & Gas boosted by Italian resource upgrade ]]> https://www.proactiveinvestors.co.uk/companies/news/219149/united-oil--gas-boosted-by-italian-resource-upgrade-219149.html United Oil & Gas PLC (LON:UOG) shares rose on Friday after the firm revealed what it described as a significant resource upgrade for its Italian gas project.

An independent consultant, commissioned by project operator Po Valley, has confirmed 13.3bn cubic feet of proved and probable gas reserves at the Podere Gallina licence.

Podere Gallina has now been estimated to host some 14.1bn cubic feet of contingent gas resources while the asset’s un-risked prospective resource has increased by 74% to 91.5bn cubic feet.

READ: United expands portfolio with ‘potentially transformational’ frontier exploration opportunity

The Selva gas field, which is part of the licence area, is on track for first production in 2020 and once up and running the project is expected to yield 150,000 cubic metres of gas per day.

"This latest CPR provides further confirmation of the significant upside on the Podere Gallina licence,” said Brian Larkin, United chief executive.

“This report goes beyond the scope of the recent CPR published by United Oil and Gas and in doing so, greatly enhances our position and our resource calculations.

"The upside identified in this report adds to that previously reported for the recently drilled 13.3bcf Selva Field. This is a low-cost, high-return project, which is continuing to be progressed towards production.”

Larkin highlighted that Selva will deliver significant cash flow which ‘fuel United’s potential for growth’ both in Italy – where the company also has interests in the neighbouring East Selva, Riccardina, and Fondo Perino prospects – and its other ‘low risk’ European assets as well as the ‘transformational’ frontier exploration in South America and Africa.

United O&G owns a 20% economic interest in the licence.

In a note to clients, analysts at SPAngel said: “Regardless of the final timing of the first gas, and we believe that it could also be as late as 2022, the Company's owners should be pleased with the fact that the Company has identified an opportunity and quickly brought it into production.”

In afternoon trading, shares in United O&G were 3% higher at 3.45p.

 -- Adds analyst comment, share price --

]]>
Fri, 26 Apr 2019 07:22:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/219149/united-oil--gas-boosted-by-italian-resource-upgrade-219149.html
<![CDATA[RNS press release - Significant Upgrade to Italian Resources ]]> https://www.proactiveinvestors.co.uk/companies/rns/15879/LSE20190426070010_14052762/ Fri, 26 Apr 2019 07:00:10 +0100 https://www.proactiveinvestors.co.uk/companies/rns/15879/LSE20190426070010_14052762/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/15879/LSE20190409160001_14034827/ Tue, 09 Apr 2019 16:00:01 +0100 https://www.proactiveinvestors.co.uk/companies/rns/15879/LSE20190409160001_14034827/ <![CDATA[RNS press release - Shareholder Conference Call ]]> https://www.proactiveinvestors.co.uk/companies/rns/15879/LSE20190315070006_14003260/ Fri, 15 Mar 2019 07:00:06 +0000 https://www.proactiveinvestors.co.uk/companies/rns/15879/LSE20190315070006_14003260/ <![CDATA[Media files - Bénin adds another great prospect to an already exciting portfolio - United Oil's CEO ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/12582/bnin-adds-another-great-prospect-to-an-already-exciting-portfolio---united-oil-s-ceo-12582.html Wed, 13 Mar 2019 11:25:00 +0000 https://www.proactiveinvestors.co.uk/companies/stocktube/12582/bnin-adds-another-great-prospect-to-an-already-exciting-portfolio---united-oil-s-ceo-12582.html <![CDATA[News - United Oil & Gas expands portfolio with ‘potentially transformational’ frontier exploration opportunity in West Africa ]]> https://www.proactiveinvestors.co.uk/companies/news/216155/united-oil--gas-expands-portfolio-with-potentially-transformational-frontier-exploration-opportunity-in-west-africa-216155.html United Oil & Gas PLC (LON:UOG) has expanded its asset portfolio, adding a frontier exploration project in West Africa.

The company has inked an option deal which will allow it to acquire a 20% stake in the Bénin Onshore Block B.

It is a coastal block covering some 4,590 square kilometres, which has only seen limited seismic exploration activity.

READ: United Oil & Gas fares best as Colter consortium mulls next steps

United highlighted that the Block is a frontier area and no wells have been drilled to date. There is, however, encouragement taken from non-technical indicators.

Block B is surrounded by prolific hydrocarbon producing regions, and there are excellent positive indications of a working petroleum system, the company said. It noted that oil and gas seeps have been reported from water wells within Benin Block B, and an extensive tar belt has been reported to the northeast of the area.

Data from a single seismic line suggests the presence of numerous large structures in the licence, with the potential to hold more than 200mln barrels.

United will now pay for passive seismic and field studies, spending up to US$175,000. This work is planned for next month.

If it exercises the option, United will commit to paying for 30% of non-drilling exploration costs for the block and 20% of future drilling costs. It will also make an initial US$260,000 for Elephant’s past costs, plus US$780,000 across three six-monthly payments.

An exciting new opportunity

"We are delighted to take a position in this exciting new opportunity,” said Brian Larkin, United chief executive.

“The new licence is a great fit with the United business model, where we are continuing to build a portfolio of near-term, low-risk assets and a viable producing business based in Europe, with carefully selected frontier exploration licences with transformational upside in South America and Africa.”

Larkin added: "Through working in Ghana and the Cote d'Ivoire, the United management has significant experience of Western Africa. 

“As with our other frontier exploration acreage in Jamaica, we believe that Benin can be transformational for United and it is indeed a testament to the technical and commercial skills of the wider team in being able to identify and assess such exceptional opportunities and speedily onboard these to the growing United portfolio. 

“This excellent opportunity has been added to our portfolio at a very small initial commitment and is one which we look forward to continuing to update investors upon as we work with our new partners to further derisk and eventually market this exciting new play."

The United boss also noted that the company has been actively assessing a number of more advanced new opportunities, which are development and production focused, and those projects are presently the subject of NDA.

United is now nearing advanced stages of due diligence and commercial negotiation for those opportunities, he added.

]]>
Mon, 11 Mar 2019 07:29:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/216155/united-oil--gas-expands-portfolio-with-potentially-transformational-frontier-exploration-opportunity-in-west-africa-216155.html
<![CDATA[RNS press release - Expands Portfolio With Benin Farm In ]]> https://www.proactiveinvestors.co.uk/companies/rns/15879/LSE20190311070008_13996455/ Mon, 11 Mar 2019 07:00:08 +0000 https://www.proactiveinvestors.co.uk/companies/rns/15879/LSE20190311070008_13996455/ <![CDATA[News - United Oil & Gas fares best as Colter consortium mulls next steps ]]> https://www.proactiveinvestors.co.uk/companies/news/216087/united-oil--gas-fares-best-as-colter-consortium-mulls-next-steps-216087.html It may be too harsh to call the Colter appraisal well a curate's egg, nevertheless, sentiments certainly differ, depending upon which vehicle punters boarded to speculate on the south coast well.

United Oil & Gas PLC (LON:UOG) saw its share trade down about 13% in Friday morning’s deals, whereas fellow project partners Baron Oil PLC (LON:BOIL) and Andalas Energy & Power PLC (LON:ADL) both lost over half their market value - United owns a 10% stake in Colter while Baron and Andalas each have 8%.

READ: United Oil & Gas to evaluate commercialisation options as Colter appraisal completes

Reabold Resources PLC (LON:RBD) has an indirect stake in the project (owning a 32.9% of 49% Colter stakeholder Corallian) and its shares lost 6%.

The stark range of share price reactions shows how each listed entity was geared differently to what was always something of a high-risk high-reward offshore oil well.

For United, it shows the importance of asset diversification and underlines the fact that the company has value elsewhere in its portfolio. With projects in the North Sea, in Italy and Jamaica, for example, United’s future was never pinned entirely upon what might be found at the bottom of a hole off Bournemouth's sandy shore.

It is evident that the disappointment (such that it is) has been felt much more heavily by those holding shares in Baron and Andalas.

The widely different impacts also probably reflect the extent to which the project partners may be positioned to fund ongoing participation in what now looks less like a quick ‘slam dunk’ project.

Given that the Colter well actually confirmed crude is present in its main target and also unearthed oil in a ‘bonus’ discovery, one would assume that further work will now be required if it is to advance to commercialisation – obviously, someone will need to pay for that work.

Colter was neither a dud nor a slam-dunk

Nobody can really say that Colter is a dud well, but, plainly it could have been better.

On Friday morning, it was reported that sidetrack drilling, required because the initial hole missed the appraisal target, had now completed.

The sidetrack encountered oil and gas shows in the targeted appraisal zone, though it was found deeper than expected, suggesting that the reservoir is smaller than previously thought.

For context, Colter North had some 4.1mln barrels of contingent oil resources (proven by a previous well) prior to this year’s drilling and the new well had aimed to verify an estimated 15mln barrels of prospective resources located to the west of the older discovery well.

The ‘bonus’ Colter South discovery (perhaps somewhat oddly) is believed to have potential for a 15mln barrel oil resource, though further evaluation will be required to pin down precisely what's there.

It was noted additionally that oil and gas shows were also encountered in shallower Jurassic intervals, mirroring reservoirs that are producing at the nearby Kimmeridge oil field.

According to United, this gives encouragement in terms of the prospectivity of adjoining onshore licences.

Importantly, it should not be forgotten that the project is in relative proximity to existing production and export infrastructure with the large Wytch Farm oil field located immediately to the north.

Forward work programme

United told investors that the next phase of evaluation will support a forward work programme and it will consider options for commercialisation.

"The Colter appraisal campaign has delivered a new discovery and significantly increased our understanding of the Colter prospect,” said Brian Larkin, United Oil & Gas chief executive.

“While we are obviously delighted by the discovery of Colter South, which with an estimated mean recoverable volume of 15 mmbbls is an exciting discovery and appears to have exceeded our pre-drill requirements for commerciality, Colter North has not delivered in the way that we would have hoped.

"We will continue to work with the partners to evaluate the best way of commercialising the licence and the considerable data we have acquired during this campaign will help the partners decide on their next steps.”

Larkin added: “A key part of the United Oil & Gas strategy is that of maintaining a diverse portfolio where we drive near-term activity for our shareholders with the goal of unlocking previously untapped value within our suite of assets.

“Whilst the evaluation of Colter and the new discovery at Colter South progresses, United will continue to have a busy calendar ahead: we will be looking to push our more mature licences such as Selva and Waddock Cross through development into production; we will be working on progressing joint-venture discussions for our North Sea licences, as well as making forward plans for our high-impact Jamaican prospects - all of which offer considerable potential upside for shareholders.”

]]>
Fri, 08 Mar 2019 09:58:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/216087/united-oil--gas-fares-best-as-colter-consortium-mulls-next-steps-216087.html
<![CDATA[News - United Oil & Gas to evaluate commercialisation options as Colter appraisal completes ]]> https://www.proactiveinvestors.co.uk/companies/news/216066/united-oil--gas-to-evaluate-commercialisation-options-as-colter-appraisal-completes-216066.html United Oil & Gas PLC (LON:UOG) confirmed that the sidetrack in the Colter well has been completed, after encountering the appraisal target.

The sidetrack encountered oil and gas shows in the targeted zone, though it was found deeper than expected and initial analysis suggests it is smaller than previously estimated.

There are still meaningful positives to take from the well, however, with the previously announced ‘bonus’ Colter South discovery which is thought to contain some 15mln barrels of oil.

READ: United Oil & Gas reveals ‘bonus’ discovery in Colter well

Additionally, United noted that oil and gas shows encountered in shallower Jurassic intervals which mirror the producing nearby Kimmeridge oil field and that gives encouragement for the prospectivity of the adjoining onshore licences.

United told investors that the next phase of evaluation will support a forward work programme and look at options for commercialisation.

"The Colter appraisal campaign has delivered a new discovery and significantly increased our understanding of the Colter prospect,” said Brian Larkin, United chief executive.

“While we are obviously delighted by the discovery of Colter South, which with an estimated mean recoverable volume of 15 mmbbls is an exciting discovery and appears to have exceeded our pre-drill requirements for commerciality, Colter North has not delivered in the way that we would have hoped. 

“However, even this latest result has delivered some interesting additional data which points to further targets and prospectivity within the licence area.

"We will continue to work with the partners to evaluate the best way of commercialising the licence and the considerable data we have acquired during this campaign will help the partners decide on their next steps.”

Larkin added: “A key part of the United Oil & Gas strategy is that of maintaining a diverse portfolio where we drive near-term activity for our shareholders with the goal of unlocking previously untapped value within our suite of assets.

“Whilst the evaluation of Colter and the new discovery at Colter South progresses, United will continue to have a busy calendar ahead: we will be looking to push our more mature licences such as Selva and Waddock Cross through development into production; we will be working on progressing joint-venture discussions for our North Sea licences, as well as making forward plans for our high-impact Jamaican prospects - all of which offer considerable potential upside for shareholders.”

]]>
Fri, 08 Mar 2019 07:22:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/216066/united-oil--gas-to-evaluate-commercialisation-options-as-colter-appraisal-completes-216066.html
<![CDATA[RNS press release - Completion of Colter Appraisal Campaign ]]> https://www.proactiveinvestors.co.uk/companies/rns/15879/LSE20190308070004_13994824/ Fri, 08 Mar 2019 07:00:04 +0000 https://www.proactiveinvestors.co.uk/companies/rns/15879/LSE20190308070004_13994824/ <![CDATA[RNS press release - Admission to Trading on AIM ]]> https://www.proactiveinvestors.co.uk/companies/rns/15879/LSE20190301070007_13986359/ Fri, 01 Mar 2019 07:00:07 +0000 https://www.proactiveinvestors.co.uk/companies/rns/15879/LSE20190301070007_13986359/ <![CDATA[RNS press release - Update on Proposed Admission to AIM ]]> https://www.proactiveinvestors.co.uk/companies/rns/15879/LSE20190226070013_13981211/ Tue, 26 Feb 2019 07:00:13 +0000 https://www.proactiveinvestors.co.uk/companies/rns/15879/LSE20190226070013_13981211/ <![CDATA[News - United Oil & Gas shares rise as ‘bonus’ discovery is made in Colter well ]]> https://www.proactiveinvestors.co.uk/companies/news/215183/united-oil--gas-shares-rise-as-bonus-discovery-is-made-in-colter-well-215183.html Investors reacted positively to United Oil & Gas PLC’s (LON:UOG) news that the Colter well had made a ‘bonus’ oil discovery, with the shares moving higher.

The well, off England’s south coast, found oil in a separate reservoir from the well’s target which was not encountered because the well unexpectedly remained on the southern side of a bounding fault.

Drilling will now continue, with a side-track aimed at the primary target expected to take around two weeks to complete.

READ: United Oil & Gas's Jamaica exploration prospect upgraded by expert

In this morning’s statement, United revealed that the Colter well encountered oil and gas shows over a 9.4-metre interval at the top of the Sherwood Sandstone reservoir, and, 3 metres of net pay was measured.

"Initial results from Colter have delivered a bonus in the form of an additional hydrocarbon structure, which has excellent initial oil and gas shows,” said Brian Larkin, United chief executive.

“This offers an pportunity for future appraisal and to increase the overall value of the Colter licence for our shareholders.

“More work will be required to determine the resource potential within the structure, and we will update shareholders on the outcome of the side-track well in the coming weeks."

United shares gained 0.2p or 5% to trade at 4.3p in Monday’s early deals.

]]>
Mon, 25 Feb 2019 07:24:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/215183/united-oil--gas-shares-rise-as-bonus-discovery-is-made-in-colter-well-215183.html
<![CDATA[RNS press release - Colter Appraisal Well Results ]]> https://www.proactiveinvestors.co.uk/companies/rns/15879/LSE20190225070006_13979579/ Mon, 25 Feb 2019 07:00:06 +0000 https://www.proactiveinvestors.co.uk/companies/rns/15879/LSE20190225070006_13979579/ <![CDATA[News - United Oil & Gas's Jamaica exploration prospect upgraded by expert ]]> https://www.proactiveinvestors.co.uk/companies/news/215014/united-oil--gas-s-jamaica-exploration-prospect-upgraded-by-expert-215014.html United Oil & Gas PLC (LON:UOG) told investors that its Colibri exploration prospect, offshore Jamaica, has been estimated independently to host some 229mln barrels of oil potential.

A new review of the Walton-Morant licence by consultant ERC Equipoise has upgraded the view of the exploration partnership with Tullow Oil.

Colibri is only one of a number of high impact areas seen within Walton-Morant, and, United noted that the latest assessment is encouraging as a farm-out process progresses to bring in additional partners to the licence.

READ: United Oil & Gas spuds Colter appraisal well

"The high-grade undrilled Colibri prospect has not only passed robust and comprehensive technical scrutiny by an independent third party, but ERCE has seen fit to upgrade the gross mean unrisked prospective resources to 229 MMstb and to increase the likelihood of success,” said Brian Larkin, United chief executive.

“This is a standout outcome, as it is not uncommon for volumes to be downgraded when structures, that have previously been identified on 2D seismic, are mapped on a 3D dataset.” 

“The next step for Colibri would be making the decision to drill what could be a transformational well for United and, with this in mind, we are working closely with Tullow on a forward plan for the licence.”

Larkin highlighted that there has already been considerable industry interest in the Walton Morant licence and the new upgrade, along with ongoing seismic exploration work, is expected to give additional impetus to the joint farm down process.

United is confident that the farm-out process will allow it to participate in the Jamaica opportunity with low-cost exposure.

]]>
Thu, 21 Feb 2019 07:30:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/215014/united-oil--gas-s-jamaica-exploration-prospect-upgraded-by-expert-215014.html
<![CDATA[RNS press release - CPR upgrades Jamaica prospect to 229million bbls ]]> https://www.proactiveinvestors.co.uk/companies/rns/15879/LSE20190221070002_13976424/ Thu, 21 Feb 2019 07:00:02 +0000 https://www.proactiveinvestors.co.uk/companies/rns/15879/LSE20190221070002_13976424/ <![CDATA[RNS press release - Schedule One update - United Oil & Gas plc ]]> https://www.proactiveinvestors.co.uk/companies/rns/15879/LSE20190220153001_13976160/ Wed, 20 Feb 2019 15:30:01 +0000 https://www.proactiveinvestors.co.uk/companies/rns/15879/LSE20190220153001_13976160/ <![CDATA[News - United Oil & Gas marks first reserves at Selva gas field ]]> https://www.proactiveinvestors.co.uk/companies/news/214155/united-oil--gas-marks-first-reserves-at-selva-gas-field-214155.html United Oil & Gas Plc (LON:UOG) announced gas reserve figures for its 20% owned Selva gas field, onshore Italy, with 13.3bn cubic feet of gas upgraded from a prior designation as contingent resources.

The upgrade comes as the project moves towards first gas production in 2020, following the award of a production concession last month. A year earlier, the Podere Maiar well was successfully drilled and tested at Selva.

United’s share amounts to 2.7bn cubic feet and it represents the company’s first reserves.

It comes a day after the confirmation that the drilling of Colter exploration, off England’s south coast, had kicked off.

READ: United Oil & Gas spuds Colter appraisal well in Wessex Basin

Chief executive Brian Larkin described it as a “key milestone” for the company.

“Not only do these represent United's first reserves, they serve to demonstrate the considerable progress that has been made by the partners in de-risking the field and advancing it towards production,” Larkin said.

“With preliminary approval for the development plan received in January, we remain on course to bring Selva into production in 2020 with facilities designed to produce at a gross rate of up to 150,000 cubic metres per day.  

“At this rate, Selva will be generating significant cash flows for United which in turn will be reinvested into further high-impact activity across our portfolio of late-stage development opportunities onshore Europe and frontier exploration offshore Jamaica. 

“We are encouraged by the additional prospectivity in the licence, particularly by a number of potentially larger targets immediately adjacent to the Selva Gas Field, and this was one of the key drivers behind United's original acquisition of this licence.”

]]>
Thu, 07 Feb 2019 07:57:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/214155/united-oil--gas-marks-first-reserves-at-selva-gas-field-214155.html
<![CDATA[RNS press release - CPR for Selva Gas Field, Onshore Italy ]]> https://www.proactiveinvestors.co.uk/companies/rns/15879/LSE20190207070003_13961024/ Thu, 07 Feb 2019 07:00:03 +0000 https://www.proactiveinvestors.co.uk/companies/rns/15879/LSE20190207070003_13961024/ <![CDATA[News - United Oil & Gas spuds Colter appraisal well in Wessex Basin ]]> https://www.proactiveinvestors.co.uk/companies/news/214076/united-oil--gas-spuds-colter-appraisal-well-in-wessex-basin-214076.html United Oil & Gas PLC (LON:UOG) has said the Colter 98/11a-5 appraisal well, located in the P1918 licence in the Wessex Basin, has been spudded south of Europe’s largest onshore oil field at Wytch Farm.

The oil & gas explorer said the operator Corallian Energy Limited had spudded the well at around 10.10am on Wednesday.

READ: United Oil & Gas reveals CPR findings for Crown and Waddock Cross assets

The Ensco-72 jack-up drilling unit will drill the well to a total depth of 1,830m, a process expected to take three weeks, targeting “significant potential” that had been identified following reprocessing of 3D seismic data at the site.

The well is appraising a historic discovery immediately south of the Wytch Farm oil field, which was discovered in 1986 when well 98/11-3 encountered a 10.5-metre oil column in the Sherwood Sandstone reservoir, the same play that had been productive at Wytch.

The gross un-risked mid-case oil contingent resources in the section proven up by the 98/11-3 well are estimated at 4mln barrels, with gross un-risked mean-case prospective resources estimated at 15mln barrels in the rest of the structure.

READ: United Oil & Gas kicks off “exciting” 2019 with key milestone for Italian gas project

Brian Larkin, chief executive of United, said the firm believed the well offered “an excellent opportunity” to emulate the success it had with the Podere Maiar well at the Selva gas field in Italy, which was opened up to a development project in January following regulatory approval.

In early afternoon trading on Wednesday, UOG shares were 2.1% higher at 4.85p.

 -- Updates share price --

]]>
Wed, 06 Feb 2019 11:24:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/214076/united-oil--gas-spuds-colter-appraisal-well-in-wessex-basin-214076.html
<![CDATA[RNS press release - Spud of Colter Appraisal Well ]]> https://www.proactiveinvestors.co.uk/companies/rns/15879/LSE20190206110004_13960352/ Wed, 06 Feb 2019 11:00:04 +0000 https://www.proactiveinvestors.co.uk/companies/rns/15879/LSE20190206110004_13960352/ <![CDATA[News - United Oil & Gas performing strongly, recent acquisitions demonstrate significant promise ]]> https://www.proactiveinvestors.co.uk/companies/news/213832/united-oil--gas-performing-strongly-recent-acquisitions-demonstrate-significant-promise-213832.html Italy - Selva gas field (20%)

UK – Colter (10% + 10% option) offshore

UK – Crown Discovery (100%) offshore

UK – Acle (24%) offshore

UK - Waddock Cross (26.25%) onshore

UK – Broadmayne (18.95%)

Jamaica – Walton Morant/Colibri (20%) offshore

How is it doing:

United has demonstrated strong progress since the beginning of 2019.

In Italy, the Selva gas field has been awarded preliminary approval for a production concession and with it; a competent person report (CPR) published by CGG has declared maiden gas reserves attributable to United.

This trend has continued over the first half with CPRs upgrading resource estimates for several of United’s interests in Jamaica, Italy and the UK.

In February 2019, United achieved a key milestone with the first reserves of gas (2.7 BCF) attributed to the company’s 20% economic interest in the Selva field on the Podere Gallina licence in Italy.

This was followed in April by an upgraded CPR which factored in a further 14.1 BCF of gross contingent resources and a 74% increase in best case prospective resources to 91.5 BCF for Podere Gallina.

Selva was awarded preliminary approval for a production concession in early 2019 and United, with its partners, plans to install final production facilities within the next 12 months with a view to commencing production in mid-2020.

In the UK, the Crown discovery on UKCS Licence P2366 was attributed maiden gross unrisked 2C contingent recoverable oil resources of 6.35 mmbbls (UOG: 95%) and the same classification of resources on the onshore Waddock Cross field were also upgraded from 1.23 mmbbls to 1.55 mmbbls (UOG: 26.25%) in a CPR published by ERCE in early February.

United has instigated discussions with potential farm-in partners for Crown in order to expedite future drilling activity on the licence.

In late February 2019, ERCE also upgraded the key Colibri lead on the Walton-Morant licence offshore Jamaica in which United with a 20% interest, is partnered with Tullow Oil.

The competent person report increased the gross unrisked mean prospective resource estimate for Colibri from 219 mmbbls to 229 mmbbls and also boosted the geological chance of success from 16% to 20% on the back of positive 3D seismic data acquired in 2018.

Following the Colter appraisal well completed in March 2019 on Licence P1918 (UOG: 10%) in the English Channel, the operator delivered a new discovery on Colter South, the most recent assessment of which has indicated up to 15 mmbbls of gross recoverable resources.

The company has also augmented its portfolio of assets significantly in 2019. In West Africa, United has signed an option agreement to farm-in to a 20% interest in the onshore Elephant oil operated Block B in Benin, an exciting frontier exploration region surrounded by prolific hydrocarbon regions.

The exploration portfolio was boosted further in early June as United was provisionally awarded 100% interests in four UK North Sea blocks and 10% interests in a further two licences in the English Channel as part of the UK 31st Licensing Round.

At the end of May, United appointed David Quirke as the company’s new chief financial officer.

Quirke joined the company on 24 June having previously been at Tullow Oil plc (LON:TLW), leading FTSE 250-listed the oiler’s ‘treasury function’ between 2003 and 2017.

What the boss says - Jonathan Leather, chief operating officer.

“The low-risk exploration we have added in the North Sea blocks is significant in its own right, but also adds value to our neighbouring Crown licence, where we have completed the committed seismic reprocessing and where we are now looking to progress development and commercialisation plans.”

“We continue to evaluate further acquisition opportunities and with activity taking place across our portfolio in H2 2019, the next few months will not be short of high impact newsflow and operational progress."

Latest video interview:   What the broker says:

Optiva Securities analyst Barney Gray has a risked valuation of 11.4p per share for United Oil & Gas on a fully diluted basis, noting that this includes no value for Benin or the provisionally awarded 31st Round Blocks.

In a recent note, Gray said: “Although we reserve the opportunity to adjust our assessment in the event of the conclusion of potential farm-in opportunities, we note that that our unrisked valuation for United is over 51p per share at this stage, representing major potential upside to the company.

“This could be augmented further should United’s most recent acquisitions demonstrate significant promise upon further analysis.”

]]>
Fri, 01 Feb 2019 15:33:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/213832/united-oil--gas-performing-strongly-recent-acquisitions-demonstrate-significant-promise-213832.html
<![CDATA[News - United Oil & Gas reveals CPR findings for Crown and Waddock Cross assets ]]> https://www.proactiveinvestors.co.uk/companies/news/213786/united-oil--gas-reveals-cpr-findings-for-crown-and-waddock-cross-assets-213786.html United Oil & Gas Plc (LON:UOG) has given investors details from a new third party assessment of two of the company’s assets – the Crown oil discovery asset in the North Sea and the Waddock Cross field in the Wessex Basin.

The competent persons report identified 6.5mln barrels of gross recoverable contingent resources at the Crown discovery.

It is the first CPR undertaken on the asset, and, the company noted that the resource estimate is deemed to be conservative. The report is expected to support a farm-out process.

READ: United Oil & Gas kicks off “exciting” 2019

At Waddock Cross, the report updated a prior assessment and it states 1.55mln barrels of recoverable gross contingent resources. The figures for both oil-in-place and recoverable resources increased in the new version.

"Since our inception, United has procured a portfolio of exceptional assets, normally beyond the scope of a company of this size,” said Brian Larkin, United chief executive.

“While we will continue to build our portfolio, adding licences where we see opportunity, 2019 will see a greater emphasis on unlocking the value of our asset base.  Independent verification, through CPRs on each asset, will form an important part of this process.”

United noted that similar reports are anticipated ‘shortly’ for its assets in Jamaica and Italy.

“Updated volumetrics are due shortly for the large undrilled Colibri prospect on the Tullow Oil-operated Walton-Morant licence, offshore Jamaica and also for the development stage Selva gas field, onshore Italy and I look forward to sharing the results of these in due course,” Larkin added.

Larkin highlighted that “an extensive operations programme” will begin imminently, starting with the Colter well on England’s south coast and also in Italy, where production is slated to come online next year.

“We will also seek to unlock value through farm downs in Jamaica and in our Crown discovery, the commerciality of which is supported by the CPR estimates reported here,” he added.  

“With company estimates of close to US$80m NPV of assets already in place, we look forward to growing awareness of the considerable strength of the United business.”

]]>
Fri, 01 Feb 2019 07:45:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/213786/united-oil--gas-reveals-cpr-findings-for-crown-and-waddock-cross-assets-213786.html
<![CDATA[RNS press release - CPRs for Crown Discovery and Waddock Cross Field ]]> https://www.proactiveinvestors.co.uk/companies/rns/15879/LSE20190201070001_13954477/ Fri, 01 Feb 2019 07:00:01 +0000 https://www.proactiveinvestors.co.uk/companies/rns/15879/LSE20190201070001_13954477/ <![CDATA[News - United Oil & Gas to move its listing to AIM, cancel trading on the London Stock Exchange's standard segment ]]> https://www.proactiveinvestors.co.uk/companies/news/213721/united-oil--gas-to-move-its-listing-to-aim-cancel-trading-on-the-london-stock-exchange-s-standard-segment-213721.html United Oil & Gas PLC (LON:UOG) is moving its listing to the AIM market and proposes to cancel trading on the standard segment of the London Stock Exchange's Main Market. 

In a statement, the oil and gas exploration and development company said its board believes that the move to AIM is in the best interests of the company and its shareholders.

READ: United Oil & Gas kicks off “exciting” 2019 with key milestone for Italian gas project

It continued: “AIM represents a better fit for fast-growing companies of United's size and is expected to lead to significant cost and administrative savings for the Company.”

The company said it is anticipated that the last day of dealings for its ordinary shares on the LSE Main Market will be 27 February 2019 and the effective date of the move to AIM will be 28 February 2019.

It added that Beaumont Cornish is acting as financial adviser to the company in connection with its admission to AIM and will act as Nominated Adviser to the company. Optiva Securities will continue to act as the company's broker.

]]>
Thu, 31 Jan 2019 12:17:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/213721/united-oil--gas-to-move-its-listing-to-aim-cancel-trading-on-the-london-stock-exchange-s-standard-segment-213721.html
<![CDATA[RNS press release - Schedule One - United Oil & Gas plc ]]> https://www.proactiveinvestors.co.uk/companies/rns/15879/LSE20190131113002_13953735/ Thu, 31 Jan 2019 11:30:02 +0000 https://www.proactiveinvestors.co.uk/companies/rns/15879/LSE20190131113002_13953735/ <![CDATA[News - United Oil & Gas kicks off “exciting” 2019 with key milestone for Italian gas project ]]> https://www.proactiveinvestors.co.uk/companies/news/212557/united-oil--gas-kicks-off-exciting-2019-with-key-milestone-for-italian-gas-project-212557.html United Oil & Gas PLC (LON:UOG) told investors it has received preliminary regulatory approval for a production concession in Italy, opening up the Selva gas field development project.

The company, which owns 20% of the project, believes the asset will deliver significant cash flow in 2020.

READ: United Oil & Gas fired up after a gushing 2018

Selva is located in close proximity to gas infrastructure, less than one kilometres to the grid, and, gross production is targeted at up to 5.3mln cubic feet per day (150,000 cubic metres per day).

A significant gas discovery was declared at Selva around a year ago, when the Podere Maiar-1d appraisal/redevelopment well produced strong flow rates from testing operations.

Development plans anticipate the installation of a fully automated gas plant at the existing Selva/Podere Maiar-1d well site and a one-kilometre pipeline to the nearby grid connection.

Further exploration, aided by 3D seismic, could lead to the drilling of additional wells which could add resources and potential new sources of gas for the project.

"The preliminary award of the Selva production licence is a key regulatory milestone in advancing Selva towards production,” said Brian Larkin, United Oil & Gas chief executive.

“It is also a significant milestone for United as commercial gas production at Selva is expected to generate significant cash flow for the company from 2020 onward.”

Larkin added: “As well as progressing with the development, we are also excited by the upcoming 3D seismic acquisition in the licence, which will focus on proving up the huge potential of the wider licence area.

“Subject to successful results from this acquisition programme, additional wells will be drilled, aiming to significantly increase the overall resource base within the Selva concession.”

Kick off to “an exciting year” 

The United chief, meanwhile, highlighted that the Italian milestone represented a kick off to “an exciting year” for the growing company.

Moreover, he detailed a number of possible share price catalysts that could emerge in the coming weeks.

“In Q1 2019, shareholders can expect the imminent spudding of the Colter well in the Wessex Basin as well as the near-term publication of a series of CPRs including updated volumetrics for our Crown Oil Discovery in the North Sea and the Waddock Cross Field in the Wessex Basin and also for both our large, high-impact, offshore Jamaican licence and Podere Gallina in Italy.”

In a note to clients, analysts at SPAngel commented: “The granting of a production licence for Podere Gallina is a notable achievement for the Company, especially in the context of the sclerotic Italian approvals process.”

They added: “There are a number of subsequent stages to successfully navigate before first gas is produced, and the milestone of the receipt of sales revenue into the control account occurs, but this is a significant step towards achieving the critical point of self-sustaining cash flow.”

In afternoon trading, United O&G shares were 1.5% lower at 5.05p following a good run since the start of the year.

 -- Adds analyst comment, share price --

]]>
Tue, 15 Jan 2019 07:20:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/212557/united-oil--gas-kicks-off-exciting-2019-with-key-milestone-for-italian-gas-project-212557.html
<![CDATA[RNS press release - Production concession awarded for Podere Gallina ]]> https://www.proactiveinvestors.co.uk/companies/rns/15879/LSE20190115070003_13934314/ Tue, 15 Jan 2019 07:00:03 +0000 https://www.proactiveinvestors.co.uk/companies/rns/15879/LSE20190115070003_13934314/ <![CDATA[News - United Oil & Gas says drilling rig has been mobilised to final prospect before Colter well ]]> https://www.proactiveinvestors.co.uk/companies/news/211488/united-oil--gas-says-drilling-rig-has-been-mobilised-to-final-prospect-before-colter-well-211488.html United Oil & Gas Plc (LON:UOG) said that the jack-up drilling unit contracted to drill its Colter appraisal well has mobilised to the final prospect before Colter.

In an update, the exploration firm said the Ensco 72 drilling unit had been mobilised to the Wick prospect drilling location.

WATCH: United Oil & Gas fired up after a gushing 2018

Once drilling at Wick is completed, the rig will then be mobilised to the Colter location, with the appraisal well scheduled to be drilled in the first quarter of 2019.

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 10.5-metre oil column in the Sherwood Sandstone reservoir, the same play that has proven to be productive at Wytch Farm where over 450mln barrels (mmbbl) have been produced to date. 

UOG said the new well would 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 4mln barrels, with gross unrisked mean-case prospective resources estimated at 15mln barrels in the rest of the structure.

Brian Larkin, chief executive of United, said: “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 the 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."

Colter, in which United holds a 10% stake, is located in the Wessex basin, a geological area along the Southern coast on England that stretches into the English Channel and is rich in hydrocarbons.

In late-morning trading Wednesday, UOG shares were steady around 3.9p.

]]>
Wed, 19 Dec 2018 11:24:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/211488/united-oil--gas-says-drilling-rig-has-been-mobilised-to-final-prospect-before-colter-well-211488.html
<![CDATA[RNS press release - Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/15879/LSE20181219110002_13909665/ Wed, 19 Dec 2018 11:00:02 +0000 https://www.proactiveinvestors.co.uk/companies/rns/15879/LSE20181219110002_13909665/ <![CDATA[RNS press release - Shareholder Conference Call ]]> https://www.proactiveinvestors.co.uk/companies/rns/15879/LSE20181218070008_13907090/ Tue, 18 Dec 2018 07:00:08 +0000 https://www.proactiveinvestors.co.uk/companies/rns/15879/LSE20181218070008_13907090/ <![CDATA[Media files - United Oil & Gas fired up after a gushing 2018 ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/11611/united-oil--gas-fired-up-after-a-gushing-2018-11611.html Thu, 13 Dec 2018 15:50:00 +0000 https://www.proactiveinvestors.co.uk/companies/stocktube/11611/united-oil--gas-fired-up-after-a-gushing-2018-11611.html <![CDATA[RNS press release - Investor Evening ]]> https://www.proactiveinvestors.co.uk/companies/rns/15879/LSE20181128070008_13882759/ Wed, 28 Nov 2018 07:00:08 +0000 https://www.proactiveinvestors.co.uk/companies/rns/15879/LSE20181128070008_13882759/ <![CDATA[News - UK regulator gives green light to drill well in which United Oil & Gas has 10% stake ]]> https://www.proactiveinvestors.co.uk/companies/news/209072/uk-regulator-gives-green-light-to-drill-well-in-which-united-oil-gas-has-10-stake-209072.html The UK regulator, the Department for Business, Energy and Industrial Strategy, Offshore Petroleum Regulator for Environment and Decommissioning, has completed its review of the Environmental Statement submitted in regard to the proposal to drill the Colter appraisal well and has agreed in principle to grant consent to drill.

United Oil & Gas Plc (LON:UOG) holds a 10% interest in the well, which is operated by Corallian Energy.

READ: Optiva ups United Oil & Gas’s core valuation for second time in a fortnight after reviewing the explorer's operations

Subject to these relevant further approvals being received, Corallian Energy intends to drill the Colter well as soon as operations are completed at its Wick prospect. 

Operations at Wick are due to commence in December 2018.  

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 when a 10.5 metre oil column was encountered in the Sherwood Sandstone reservoir, the same play that has proven to be so productive at Wytch Farm where over 450mln barrels have been produced to date. 

 

 

 

]]>
Tue, 13 Nov 2018 08:28:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/209072/uk-regulator-gives-green-light-to-drill-well-in-which-united-oil-gas-has-10-stake-209072.html
<![CDATA[RNS press release - Colter Appraisal Well Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/15879/LSE20181113070011_13864225/ Tue, 13 Nov 2018 07:00:11 +0000 https://www.proactiveinvestors.co.uk/companies/rns/15879/LSE20181113070011_13864225/ <![CDATA[Media files - United Oil & Gas Plc presents at Oil Capital - October 2018 ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/11005/united-oil--gas-plc-presents-at-oil-capital---october-2018-11005.html Fri, 26 Oct 2018 14:35:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/11005/united-oil--gas-plc-presents-at-oil-capital---october-2018-11005.html <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/15879/LSE20181023070007_13838213/ Tue, 23 Oct 2018 07:00:07 +0100 https://www.proactiveinvestors.co.uk/companies/rns/15879/LSE20181023070007_13838213/ <![CDATA[RNS press release - Oil Capital Conference Presentation ]]> https://www.proactiveinvestors.co.uk/companies/rns/15879/LSE20181018070010_13833137/ Thu, 18 Oct 2018 07:00:10 +0100 https://www.proactiveinvestors.co.uk/companies/rns/15879/LSE20181018070010_13833137/