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United Oil & Gas receives environmental approval for Italian gas project

It paves the way for the final grant of a production concession by Italy's Economic Development Ministry

United Oil & Gas PLC - United Oil & Gas receives technical environmental approval for Italian gas project

United Oil & Gas PLC (LON:UOG) has received formal technical environmental approval from the Italian Environmental Ministry for the development of the Selva Gas field.

It paves the way for the final grant of a production concession by Italy's Economic Development Ministry, the AIM-listed company said.

READ: United Oil & Gas urges caution as excitement builds over ASH-2 well

The latest analysis, published by operator Po Valley Energy Limited (ASX:PVE) in December, reveal 14.1bn cubic feet of potentially recoverable resources and an additional 91.5bn cubic feet of prospective resources.

Drilling is targeted for this year, while there are plans to install a fully-automated gas plant as well as a one-kilometre long pipeline to connect the well with the national gas grid.

UOG holds 20% stake in the project, acquired via a farm-in agreement with Po Valley in 2017.

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Price: 2.875 GBX

AIM:UOG
Market: AIM
Market Cap: £9.94 m
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