United Oil & Gas PLC Update on Podere Maiar (3286C)
19 January 2018 - 6:00PM
UK Regulatory
TIDMUOG
RNS Number : 3286C
United Oil & Gas PLC
19 January 2018
19 January 2018
United Oil & Gas Plc
Update on Podere Maiar
United Oil & Gas Plc ("UOG", "United" or the "Company") the
London Stock Exchange listed oil and gas exploration and
development company, notes that Po Valley Energy Limited ("PVE" or
"Po Valley"), the operator on the Podere Maiar 1 ("PM1") well on
the Selva Gas Field in the Podere Gallina licence - in which United
has a 20% interest - have today made an announcement relating to
significant gas flows.
Significant Italian gas discovery confirmed
Strong gas flows on test have confirmed a significant commercial
discovery for United Oil & Gas Plc at its Selva gas field in
northern Italy.
The Company announces today that PVE have reported that the
strong gas flows have resulted from successful flow testing of the
recently drilled Podere Maiar 1dir exploration well on the Selva
gas field within the Podere Gallina Exploration licence in northern
Italy (PVE 63% Operator; United Oil & Gas Plc 20%; Prospex Oil
& Gas Plc 17%).
That drill program intersected two identified gas reservoirs, C1
and C2, in the Medium-Upper Pliocene sands of the Porto Garibaldi
Formation.
The thickest level C2 (net pay 25.5 m) reported a peak flow rate
of 148,136 scm/day on a 3/8 inch choke and a pressure differential
of 11 bar with no water production. Pressure recovery to formation
pressure occurred in 2 minutes. The higher level C1 (net pay 15.5
m) also reported strong flow test results with a peak flow rate of
129,658 scm/day on a 3/8 inch choke with good pressure recovery
(about 12 minutes).
Table 1: Flow test results C2 level 1282.5m - static well head
pressure 123.0 bara
Choke Flow rate Flowing well
head pressure
----------- ---------------- ---------------
1/8 inch 17,850 scm/day 122.8 bara
----------- ---------------- ---------------
2/8 inch 66,000 scm/day 120.7 bara
----------- ---------------- ---------------
18/64 inch 80,700 scm/day 119.5 bara
----------- ---------------- ---------------
3/8 inch 148,136 scm/day 111.9 bara
----------- ---------------- ---------------
Table 2: Flow test results C1 level 1253.5m - static well head
pressure 119.7 bara
Choke Flow rate Flowing well
head pressure
----------- ---------------- ---------------
1/8 inch 14,348 scm/day 119.3 bara
----------- ---------------- ---------------
1/4 inch 64,475 scm/day 115.0 bara
----------- ---------------- ---------------
18/64 inch 77,351 scm/day 113.7 bara
----------- ---------------- ---------------
3/8 inch 129,658 scm/day 105.1 bara
----------- ---------------- ---------------
The strong flow rates from two gas bearing levels 99.1% methane
gas content and the well's 600m proximity to the Italian national
gas grid pipeline connection, clearly make the Podere Maiar 1 dir
well a commercial discovery. As Operator, Po Valley will now
prepare and submit a production concession application to the
Italian Ministry, in the first half of 2018. The Ministry has been
formally informed of the discovery and officials attended the
successful test.
United Oil & Gas Plc, Brian Larkin:
"We are delighted to announce a commercial discovery on our
Italian well. This result is a significant development milestone
for our business. The flow test results exceeded our pre-drill
expectations and we are now on the road to production. Po Valley
will now incorporate this well-test data into the development plan
and submit it as part of the application to the Italian authorities
to convert a portion of the existing "Exploration Licence" into an
"Exploitation Licence."
"We will continue to keep markets updated on potential deal flow
along with operational portfolio developments."
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014
For more information please visit the Company's website at
www.uogplc.com or contact:
United Oil & Gas Plc (Company)
===================================== ============================
Brian Larkin brian.larkin@uogplc.com
===================================== ============================
Optiva Securities Limited (Broker)
===================================== ============================
+44 (0) 20 3137
Christian Dennis 1902
===================================== ============================
Beaumont Cornish Limited (Financial
Adviser)
===================================== ============================
Roland Cornish and Felicity +44 (0) 20 7628
Geidt 3396
===================================== ============================
Murray (PR Advisor) +353 (0) 87 6909735
===================================== ============================
Joe Heron jheron@murrayconsultants.ie
===================================== ============================
Editor's Note:
United Oil & Gas plc (UOG) is listed on the main market of
the London Stock Exchange. UOG was established to explore, appraise
and develop low risk assets in Europe and North Africa and to
develop higher risk, higher impact exploration projects in Latin
America and Africa.
The following table outlines the Company's current licences:
Country Licence Operator United Holding
---------------- ------------------- ------------------ ---------------
Podere Gallina
Italy Licence Po Valley Energy 20%
---------------- ------------------- ------------------ ---------------
Waddock Cross
United Kingdom Field Egdon Oil Plc 26.25%
---------------- ------------------- ------------------ ---------------
United Kingdom PL090 Exploration Egdon Oil Plc 18.95%
---------------- ------------------- ------------------ ---------------
United Kingdom P1918* Corallian 10%**
---------------- ------------------- ------------------ ---------------
United Kingdom PEDL 330 Corallian 10%**
---------------- ------------------- ------------------ ---------------
United Kingdom PEDL 345 Corallian 10%**
---------------- ------------------- ------------------ ---------------
Tullow Oil
Jamaica Walton-Morant plc 20%
---------------- ------------------- ------------------ ---------------
*Offshore
** Option to acquire a further 10%
This information is provided by RNS
The company news service from the London Stock Exchange
END
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