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United Oil & Gas expands North Sea footprint with licence awards

"United has a proven record of success in UK licencing rounds," said chief operating officer Jonathan Leather

United Oil & Gas expands North Sea footprint with licence awards

United Oil & Gas PLC (LON:UOG) has expanded its footprint in the North Sea, picking up two new licence blocks in the UK’s 32nd Licensing Round.

The new acreage, Blocks 15/18e and 15/19c, contain three discoveries and the Dunvegan prospect. They are located adjacent to United’s existing acreage, and the Zeta prospect. Altogether the new acreage spans 225 square kilometres, in the vicinity of the substantial Piper, MacCulloch and Claymore oil fields.

READ: United Oil & Gas welcomes new institutional investors

"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 32nd round,” Jonathan Leather, United O&G's chief operating officer said in a statement.

“The discovered resources and additional prospects we have added in these North Sea blocks are significant in their own right, but when combined with our neighbouring Zeta licence, provide an exciting portfolio of discoveries and prospects in an active area of the UK North Sea.

"United has a proven record of success in UK licencing rounds. More importantly, based on our knowledge of the region and our strong geotechnical team, we have a record of adding value to those licences and where appropriate monetising them in the interests of shareholders," he added.

Quick facts: United Oil & Gas PLC

Price: 2.5 GBX

Market: AIM
Market Cap: £15.63 m

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