United Oil & Gas PLC Update on Corallian Farmout Agreement (5364J)
03 April 2018 - 4:01PM
UK Regulatory
TIDMUOG
RNS Number : 5364J
United Oil & Gas PLC
03 April 2018
[3] April 2018
United Oil & Gas Plc
Corallian farmout agreement
Update on Additional Farmed Interest
United Oil & Gas Plc ("UOG", "United" or the "Company"), the
London Stock Exchange listed oil and gas exploration and
development company, is pleased to announce the extension of an
option over the right to purchase an additional farmed interest in
the Corallian Energy Limited ("Corallian") interests in its
southern UK oil and gas assets.
On 16 January 2018 United announced it had entered into a
farmout agreement with Corallian Energy Limited, a private UK oil
and gas appraisal and exploration company. Under this agreement
United agreed to acquire an initial 10 per cent. interest from
Corallian in each of three licences held by a joint venture between
Corallian (60%) as operator and Corfe Energy Limited ("Corfe")
(40%) offshore and onshore southern UK ("Initial Farmed Interest"),
by way of paying 13.33 per cent. of the costs associated with the
Colter well, planned for Q2/Q3 2018 ("Costs"). In addition, an
option was granted under which United can exercise a right to
purchase an additional 10 per cent. interest in these licences
("Additional Farmed Interest"), on the same terms as the Initial
Farmed Interest (that is by paying Costs).
This option expired at the end of March 2018, but has been
renewed to the end of April 2018 on the same terms whilst the
company awaits the transfer of the assigned initial interest from
the UK Oil and Gas Authority which is imminent.
United Oil & Gas Plc, Brian Larkin
"We look forward to the drilling of the Colter well. This
license fits with our European strategy of building a portfolio
driven by low risk, near term activity. We continue to look to
build value and the extension of the option on this exciting play
is important for our shareholders"
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@unitedoilandgas.eu
===================================== ================================
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
===================================== ================================
Appendix 1
The Licence
Licence Licence JOA Date Current Licensees Current
No. Date Percentage
Interest
--------- ------------ ------------ --------------------- ------------
Corallian Energy
P1918 14/06/2012 05/02/2013 Limited 60%
--------- ------------ ------------ --------------------- ------------
Corfe Energy Limited 40%
---------------------- ------------ --------------------- ------------
Corallian Energy
PEDL330 15/09/2016 None Limited 60%
--------- ------------ ------------ --------------------- ------------
Corfe Energy Limited 40%
---------------------- ------------ --------------------- ------------
Corallian Energy
PEDL345 15/09/2016 None Limited 60%
--------- ------------ ------------ --------------------- ------------
Corfe Energy Limited 40%
---------------------- ------------ --------------------- ------------
Part II
The Farmed Interest
Party Current Farmed Interest Future
Percentage Percentage
Interest Interest
------------------ ------------ ----------------- ------------
Corallian Energy
Limited 60% 10-20% to United 40-50%
------------------ ------------ ----------------- ------------
United Oil & Gas 10-20% from
plc nil Corallian 10-20%
------------------ ------------ ----------------- ------------
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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