United Oil & Gas PLC Update on 31st Licensing Round (8973R)
01 November 2019 - 6:00PM
UK Regulatory
TIDMUOG
RNS Number : 8973R
United Oil & Gas PLC
01 November 2019
United Oil & Gas PLC / Index: AIM / Epic: UOG / Sector: Oil
& Gas
1(st) November, 2019
United Oil & Gas PLC ('United' or 'the Company')
Update on 31(st) Licensing Round
United Oil & Gas Plc, the London Stock Exchange listed oil
and gas exploration and development company, is pleased to provide
an update in relation to the UK Oil and Gas Authority 31(st)
Licensing Round.
In addition to the 31(st) Round licences that United was awarded
in the Central North Sea, United was also provisionally awarded a
10% interest in Blocks 98/11b and 98/12 in the English Channel as
part of a joint venture group operated by Corallian Energy Limited.
At the time of the provisional award, Blocks 98/11b and 98/12
included an area adjacent to the Colter South discovery in Licence
P1918. Subsequent to this provisional award, the UK Oil and Gas
Authority informed the joint venture group that the area included
in the award would be amended, due to a recent change in the
demarcation of the landward versus seaward licensing boundary. The
revised Blocks being offered were no longer adjacent to the Colter
South discovery and no longer included the primary targets that had
been identified as part of the application process.
Blocks 98/11b and 98/12 as now offered do not fit with the joint
venture group's strategy for developing Licence P1918. As a result,
the Company, as part of the joint venture group, has decided not to
accept the petroleum licence offered over the remaining, seaward
parts of blocks 98/11b and 98/12. Note that this does not affect
the existing Colter and Colter South Discoveries in Block 98/11a
(Licence P1918).
Brian Larkin CEO of United Oil and Gas plc
"The decision to turn down these amended petroleum licences over
Blocks 98/11b and 98/12 is the correct one. Should the opportunity
arise in the future to bid for the areas adjoining Colter South we
will examine that very closely.
"Overall, the 31(st) Licensing Round has been very successful
for United, with the award of four highly prospective blocks in the
Central North Sea (Licence P2480). This licence covers an area of
c. 500 sq km, and includes the Zeta prospect, which United
estimates could contain over 90 million barrels of in-place
oil."
ENDS
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
United Oil & Gas Plc (Company)
Brian Larkin, CEO brian.larkin@uogplc.com
Beaumont Cornish Limited (Nominated
Adviser)
Roland Cornish and Felicity Geidt +44 (0) 20 7628 3396
Optiva Securities Limited (Joint
Broker)
Christian Dennis +44 (0) 20 3137 1902
Cenkos Securities Plc (Joint Broker)
Joe Nally (Corporate Broking) +44 (0) 20 7397 8900
Derrick Lee and Pete Lynch +44 (0) 131 220 6939
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.
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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