United Oil & Gas Plc (LON:UOG) investors can look forward to near-term exploration catalysts, chief executive Brian Larkin highlighted in a Stocktube interview.
It has a 10% stake in the Colter exploration well which is due to be drilled in the coming months – Larkin guides for a second quarter spudding.
READ: United Oil & Gas raises £2.5mln to support UK well and Jamaica seismic
While the Colter project off England’s south coast is the group’s closest major catalyst, a recently added Jamaica project offers the most ‘blue sky’.
Off the south coast, the Colter well will target an exploration prospect in the vicinity of the Wytch Farm field, Britain’s largest oil operation outside of the North Sea, and ahead of drilling the expectation is that Colter could be similar.
“We’re really excited about it because it could be potentially a mini Wytch Farm,” Larkin said.
He added: “I think it is a nice exposure for our shareholders. We like the risk profile, it fits with our strategy of low risk, near term activity opportunities in Europe.”
“We’re really excited about it and we’re looking forward to it.”
Larkin explains that a success in the well would be significant for the group’s valuation, and he highlighted a recent competent persons assessment of the project which saw the potential for 20mln of recoverable resources.
“It is certainly a material asset to us.”