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United Oil & Gas looks forward to Colter drilling as partner inks rig deal

The Colter project is set to be drilled later this year and it could unearth a significant oil project
oil well drilling
The well will be drilled in the vicinity of the Wytch Farm field

United Oil & Gas Plc (LON:UOG) today highlighted that partner Corallian Energy has now has an agreement for a rig for the upcoming Colter well, off England’s south coast.

A letter of intent has been signed with Ensco UK which, subject to approvals, sees drilling taking place during the third and/or fourth quarters of this year.

READ: United Oil & Gas extends option deadline for UK stake acquisition

The Colter discovery is adjacent to Wytch Farm, the largest onshore oil field in Europe, where more than 450mln barrels of oil have been produced.

A previous well at Colter encountered a 10.5 metre oil column and following seismic work in the area the new well will target a location up-dip from the original site.

United, via a farm-in option, has a 10% interest in the project and it estimates that its share of the costs to drill the well will be less than £1mln.

"We are delighted to see continuing progress on this exciting licence,” said Brian Larkin, United chief executive.

“The Colter Well will be drilled up-dip of an existing discovery in an established oil region.

“The addition of an excellent drilling partner, Ensco UK, will further strengthen our chances of success."

Larkin added: "This well is consistent with United's strategy of targeting near-term, low-risk development opportunities in Europe whilst utilising the industry experience of our management team to pursue higher-risk, high-impact opportunities in Africa and South America."

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