TIDMUOG
RNS Number : 1724X
United Oil & Gas PLC
26 April 2019
United Oil & Gas PLC / Index: AIM / Epic: UOG / Sector: Oil
& Gas
26 April 2019
United Oil & Gas PLC ("United" or the "Company")
Significant Upgrade to United's Italian Resources
-- CPR commissioned by operator Po Valley has added significant
resources to the Podere Gallina Licence, onshore Italy
-- Includes 14.1Bcf of additional gross Contingent Resources and
a 74% increase in the unrisked mid-case gross Prospective Resources
to 91.5 Bcf
-- CPR confirms the previously reported gross 2P Reserves of
13.3 Bcf assigned to the Podere Maiar-1 well (Selva Field)
-- First production from the Selva Field remains on schedule for
2020, targeting rates of 150,000 cubic metres per day
United Oil & Gas Plc, the AIM-traded oil and gas exploration
and development company, is pleased to announce a significant
upgrade to the reported resources for the Podere Gallina Licence,
onshore Italy.
Further to the RNS released on February 7 2019, a CPR covering
all of the Podere Gallina Licence, including the Selva Malvezzi
Production Concession has now been commissioned by Po Valley Energy
Limited through consultants CGG. In addition to the gross 2P
Reserves of 13.3Bcf that were previously reported, a further
14.1Bcf of gross 2C Contingent Resources, and 91.5Bcf of unrisked
gross Prospective Resources have now been included in the resource
inventory. United Oil & Gas holds a 20% economic interest in
the Licence.
Po Valley Energy Report - Podere Gallina Licence
Summary
Reserves Gross Net Attributable Gross Net Attributable Gross Net Attributable
------ ----------------- ------ ----------------- ------ -----------------
United United United
1P 1P 2P 2P 3P 3P
------ ----------------- ------ ----------------- ------ -----------------
4.1 0.8 13.3 2.7 29.8 6.0
------ ----------------- ------ ----------------- ------ -----------------
Contingent United United United
Resources 1C 1C 2C 2C 3C 3C
------ ----------------- ------ ----------------- ------ -----------------
5.6 1.1 14.1 2.8 30.7 6.1
------ ----------------- ------ ----------------- ------ -----------------
Prospective Low United Best United High United
Resources Low Best High
------ ----------------- ------ ----------------- ------ -----------------
54.3 10.9 91.5 18.3 194.8 39.0
------ ----------------- ------ ----------------- ------ -----------------
Notes: 1. United's net attributable figures are based on 20% economic interest
2. Operator is Po Valley Operations Pty Limited
3. Figures stated in accordance with SPE PRMS
Brian Larkin CEO, United Oil and Gas PLC:
"This latest CPR provides further confirmation of the
significant upside on the Podere Gallina Licence. This report goes
beyond the scope of the recent CPR published by United Oil and Gas
and in doing so, greatly enhances our position and our resource
calculations.
"The upside identified in this report adds to that previously
reported for the recently drilled 13.3bcf Selva Field. This is a
low-cost, high-return project, which is continuing to be progressed
towards production. When Selva begins production in 2020 at a
targeted rate of 150,000 cubic metres of gas per day, it will
deliver significant cash flow to United, further fuelling our
potential for growth, not only on the Selva Licence including the
neighbouring East Selva, Riccardina, and Fondo Perino prospects,
but also across our portfolio of low risk European assets with
additional near-term production opportunities and frontier
exploration in South America and Africa offering transformational
upside."
The recent United Oil and Gas RNS regarding the CPR for the
Selva gas field can be sourced at this link
https://polaris.brighterir.com/public/united_oil_and_gas/news/rns/story/wvqk2zx
Glossary
'1P' means Proved Reserves
'2P' means Proved plus Probable Reserves
'3P' means Proved plus Probable plus Possible Reserves
Bcf means Billion Cubic Feet
'2C' or 'Contingent resources' means quantities of petroleum
estimated as of a given date, to be potentially recoverable from
known accumulations by application of development projects, but
which are not currently considered commercially recoverable due to
one or more contingencies
'Prospective Resources' means those quantities of petroleum
estimated, as of a given date, to be potentially recoverable from
undiscovered accumulations by application of future development
projects. Prospective Resources have both an associated chance of
discovery and a chance of development. They are further subdivided
in accordance with the level of certainty associated with
recoverable estimates assuming their discovery and development and
may be sub-classified based on project maturity.
'Proved Reserves' means those quantities of petroleum which, by
analysis of geological and engineering data, can be estimated with
reasonable certainty to be commercially recoverable, from a given
date forward, from known reservoirs and under current economic
conditions, operating methods, and government regulation - Proved
reserves can be categorized as developed or undeveloped
'Probable reserves' are those unproved reserves which analysis
of geological and engineering data suggests are more likely than
not to be recoverable. In this context, when probabilistic methods
are used, there should be at least a 50% probability that the
quantities actually recovered will equal or exceed the sum of
estimated proved plus probable reserves
'Possible Reserves' are those unproved reserves which analysis
of geological and engineering data suggests are less likely to be
recoverable than probable reserves. In this context, when
probabilistic methods are used, there should be at least a 10%
probability that the quantities actually recovered will equal or
exceed the sum of estimated proved plus probable plus possible
reserves
Reserve Status Categories
'PRMS' means the 2018 Petroleum Resource Management System
'SPE' means Society of Petroleum Engineers
Jonathan Leather, an Executive Director of the Company, who has
over 20 years of relevant experience in the oil and gas industry,
has reviewed and approved the information contained in this
announcement. Dr Jonathan Leather is a qualified person as defined
in the guidance note for Mining Oil & Gas Companies of the
London Stock Exchange, and is a member of the Petroleum Exploration
Society of Great Britain and the Society of Petroleum
Engineers.
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)
Christian Dennis +44 (0) 20 3137 1902
Beaumont Cornish Limited (Nominated
Adviser)
Roland Cornish and Felicity Geidt +44 (0) 20 7628 3396
Murray (PR Advisor) +353 (0) 87 6909735
Joe Heron jheron@murrayconsultants.ie
St Brides Partners (Financial
PR/IR)
Frank Buhagiar and Juliet Earl +44 (0) 207 236 1177
Notes to Editors
United Oil & Gas plc (UOG) is an AIM-traded company. United
was established to explore, appraise and develop low risk assets in
Europe and to develop higher risk, higher impact exploration
projects in the Caribbean, Latin America and Africa.
The following table outlines the Company's licence
interests:
Country Licence Operator United Interest
Po Valley Energy
Italy Podere Gallina Licence Limited 20%
------------------------ -------------------- ----------------
Egdon Resources
UK Waddock Cross Field UK Limited 26.25%
------------------------ -------------------- ----------------
Egdon Resources
UK PL090 Exploration UK Limited 18.95%
------------------------ -------------------- ----------------
Corallian Energy
UK P1918 Limited 10%
------------------------ -------------------- ----------------
Corallian Energy
UK PEDL 330 Limited 10%
------------------------ -------------------- ----------------
Corallian Energy
UK PEDL 345 Limited 10%
------------------------ -------------------- ----------------
United Oil & Gas
UK P2366 Plc 95%
------------------------ -------------------- ----------------
Jamaica Walton-Morant Tullow Jamaica Ltd 20%
------------------------ -------------------- ----------------
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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