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Significant Upgrade to Italian Resources

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RNS Number : 1724X
United Oil & Gas PLC
26 April 2019
 

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

26 April 2019

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

Significant Upgrade to United's Italian Resources

 

·    CPR commissioned by operator Po Valley has added significant resources to the Podere Gallina Licence, onshore Italy

·    Includes 14.1Bcf of additional gross Contingent Resources and a 74% increase in the unrisked mid-case gross Prospective Resources to 91.5 Bcf

·    CPR confirms the previously reported gross 2P Reserves of 13.3 Bcf assigned to the Podere Maiar-1 well (Selva Field)

·    First production from the Selva Field remains on schedule for 2020, targeting rates of 150,000 cubic metres per day

 

United Oil & Gas Plc, the AIM-traded oil and gas exploration and development company, is pleased to announce a significant upgrade to the reported resources for the Podere Gallina Licence, onshore Italy.   

Further to the RNS released on February 7 2019, a CPR covering all of the Podere Gallina Licence, including the Selva Malvezzi Production Concession has now been commissioned by Po Valley Energy Limited through consultants CGG. In addition to the gross 2P Reserves of 13.3Bcf that were previously reported, a further 14.1Bcf of gross 2C Contingent Resources, and 91.5Bcf of unrisked gross Prospective Resources have now been included in the resource inventory. United Oil & Gas holds a 20% economic interest in the Licence.

 


 

Po Valley Energy Report - Podere Gallina Licence Summary

Reserves

Gross

Net Attributable

Gross

Net Attributable

Gross

Net Attributable

1P

United 1P

2P

 

United 2P

 

3P

United 3P

 

4.1

0.8

13.3

2.7

29.8

6.0

Contingent Resources

1C

United 1C

2C

United 2C

3C

United 3C

5.6

1.1

14.1

2.8

30.7

6.1

Prospective Resources

Low

United Low

Best

United Best

High

United High

54.3

10.9

91.5

18.3

194.8

39.0

 

Notes: 1.              United's net attributable figures are based on 20% economic interest

             2.               Operator is Po Valley Operations Pty Limited

             3.               Figures stated in accordance with SPE PRMS

Brian Larkin CEO, United Oil and Gas PLC:  

"This latest CPR provides further confirmation of the significant upside on the Podere Gallina Licence.  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.  When Selva begins production in 2020 at a targeted rate of 150,000 cubic metres of gas per day, it will deliver significant cash flow to United, further fuelling our potential for growth, not only on the Selva Licence including the neighbouring East Selva, Riccardina, and Fondo Perino prospects, but also across our portfolio of low risk European assets with additional near-term production opportunities and frontier exploration in South America and Africa offering transformational upside."

 

The recent United Oil and Gas RNS regarding the CPR for the Selva gas field can be sourced at this link

https://polaris.brighterir.com/public/united_oil_and_gas/news/rns/story/wvqk2zx

 

Glossary

 

'1P' means Proved Reserves

 

'2P' means Proved plus Probable Reserves

 

'3P' means Proved plus Probable plus Possible Reserves

 

Bcf means Billion Cubic Feet

 

'2C' or 'Contingent resources' means quantities of petroleum estimated as of a given date, to be potentially recoverable from known accumulations by application of development projects, but which are not currently considered commercially recoverable due to one or more contingencies

 

'Prospective Resources' means those quantities of petroleum estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. Prospective Resources have both an associated chance of discovery and a chance of development. They are further subdivided in accordance with the level of certainty associated with recoverable estimates assuming their discovery and development and may be sub-classified based on project maturity.

 

'Proved Reserves' means those quantities of petroleum which, by analysis of geological and engineering data, can be estimated with reasonable certainty to be commercially recoverable, from a given date forward, from known reservoirs and under current economic conditions, operating methods, and government regulation - Proved reserves can be categorized as developed or undeveloped

 

'Probable reserves' are those unproved reserves which analysis of geological and engineering data suggests are more likely than not to be recoverable. In this context, when probabilistic methods are used, there should be at least a 50% probability that the quantities actually recovered will equal or exceed the sum of estimated proved plus probable reserves

 

'Possible Reserves' are those unproved reserves which analysis of geological and engineering data suggests are less likely to be recoverable than probable reserves. In this context, when probabilistic methods are used, there should be at least a 10% probability that the quantities actually recovered will equal or exceed the sum of estimated proved plus probable plus possible reserves

Reserve Status Categories

 

'PRMS' means the 2018 Petroleum Resource Management System

 

'SPE' means Society of Petroleum Engineers

 

Jonathan Leather, an Executive Director of the Company, who has over 20 years of relevant experience in the oil and gas industry, has reviewed and approved the information contained in this announcement.  Dr Jonathan Leather is a qualified person as defined in the guidance note for Mining Oil & Gas Companies of the London Stock Exchange, and 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

[email protected]



Optiva Securities Limited (Broker)


Christian Dennis

+44 (0) 20 3137 1902



Beaumont Cornish Limited (Nominated Adviser)


Roland Cornish and Felicity Geidt

+44 (0) 20 7628 3396



Murray (PR Advisor)

+353 (0) 87 6909735

Joe Heron

 

 

[email protected]



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

Italy

Podere Gallina Licence

Po Valley Energy Limited

20%

UK

Waddock Cross Field

Egdon Resources UK Limited

26.25%

UK

PL090 Exploration

Egdon Resources UK Limited

18.95%

UK

P1918

Corallian Energy Limited

10%

 UK

PEDL 330

Corallian Energy Limited

10%

UK

PEDL 345

Corallian Energy Limited

10%

UK

P2366

United Oil & Gas 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 [email protected] or visit www.rns.com.
 
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