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Pin to quick picksUnited Oil&gas Share News (UOG)

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United Oil & Gas upbeat as Selva Field given preliminary approval

Tue, 15th Jan 2019 10:02

(Sharecast News) - Exploration and development company United Oil & Gas announced on Tuesday that it has been advised by the operator, Po Valley Energy, that the production concession application to develop the Selva Gas Field, onshore Italy, has been granted preliminary approval by the Italian government.The London-listed firm said Selva, which is located less than one kilometre from the Italian National Gas Grid, included the Podere Maiar-1d appraisal and redevelopment well, where "strong" flow rates from testing operations confirmed a "significant" commercial gas discovery in January last year.United holds a 20% interest in Selva, which sits within the Podere Gallina Exploration Permit, located in the Po Valley region of Italy, which the company described as a proven hydrocarbon region where more than 5,000 wells had been drilled historically.The development plan would involve the installation of a fully-automated gas plant at the existing Selva/Podere Maiar-1d well site, and the running of a one-kilometre long pipeline to connect to the nearby Italian National Grid connection.United said the development was targeting production at a rate of up to 150,000 cubic metres per day gross from the C1 and C2 reservoirs in the Medium-Upper Pliocene sands of the Porto Garibaldi Formation.The thickest level C2 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.It explained that 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.Subject to successful 3D seismic results from the upcoming programme, additional wells would be drilled to target the additional prospectivity in the licence, including the Selva East, Selva South Flank, and Riccardina structures. "The preliminary award of the Selva production licence is a key regulatory milestone in advancing Selva towards production," said United Oil & Gas chief executive officer Brian Larkin."It is also a significant milestone for United as commercial gas production at Selva is expected to generate significant cash flow for the company from 2020 onward."As well as progressing with the development, we are also excited by the upcoming 3D seismic acquisition in the licence, which will focus on proving up the huge potential of the wider licence area."Larkin said that, subject to successful results from the acquisition programme, additional wells would be drilled, aiming to "significantly increase" the overall resource base within the Selva concession.He said the development kicked off an "exciting year" for 2019."In the first quarter , shareholders can expect the imminent spudding of the Colter well in the Wessex Basin as well as the near-term publication of a series of CPRs including updated volumetrics for our Crown Oil Discovery in the North Sea and the Waddock Cross Field in the Wessex Basin and also for both our large, high-impact, offshore Jamaican licence and Podere Gallina in Italy."With multiple value triggers due in the coming weeks and months, we look forward to updating shareholders as progress is made both at Selva and across our growing portfolio."
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18 Jul 2023 10:36

United Oil & Gas shares fall as half-year revenue falls on cheaper oil

(Alliance News) - United Oil & Gas PLC on Tuesday said revenue fell in the first half of the year due to a lower realised oil price per barrel and lower production in Egypt.

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1 Jun 2023 12:07

IN BRIEF: United Oil & Gas hails 'successful' ASD-3 well test in Egypt

United Oil & Gas PLC - London-based oil and gas company with projects in Egypt, Italy and UK - Announces update on testing of ASD-3 development well in Abu Sennan licence onshore Egypt. Says 12.5 metres of net oil pay interpreted across the primary Abu Roash reservoir targets. 730 barrels of oil per day gross were achieved on a test from the Abu Roash E reservoir, and 684 bopd gross from the Abu Roash C reservoir. "This result has positive implications for the in-place volumes and future potential of the ASD Field," firm says.

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31 May 2023 15:47

UK shareholder meetings calendar - next 7 days

Thursday 1 June 
Ecofin US Renewables Infrastructure Trust PLCAGM
Martin Currie Global Portfolio Trust PLCAGM
Middlefield Canadian Income PCCAGM
Northcoders Group PLCAGM
PageGroup PLCAGM
Rurelec PLCGM re Argentinian interest sale to Verafont, Basic Energy, & Esteban Reynal
Tanfield Group PLCAGM
Friday 2 June 
Cap-XX LtdGM re fundraising
Conduity Capital PLCGM re future direction of the company
Kibo Energy PLCEGM re renewal of director authorisations to issue shares
Mirriad Advertising PLCGM re new ordinary shares admitted to trading on AIM
Purplebricks Group PLCGM re proposed sale of business & assets to Strike Ltd
Monday 5 June 
EnQuest PLCAGM
Tuesday 6 June 
Billington Holdings PLCAGM
Mast Energy Developments PLCAGM
NB Global Monthly Income Fund LtdAGM
Tasty PLCAGM
WANdisco PLCGM re new shares authorisation and fundraise
Wednesday 7 June 
City Pub Group PLCAGM
Gem Diamonds LtdAGM
Gulf Marine Services PLCAGM
Hostmore PLCAGM
LXi REIT PLCAGM
Pennant International Group PLCAGM
Third Point Investors LtdAGM
United Oil & Gas PLCAGM
Xpediator PLCGM re takeover by DLM Bidco
  
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18 May 2023 12:07

United Oil & Gas extends long stop date of North Sea licence sale

(Alliance News) - United Oil & Gas PLC on Thursday said it has agreed to extend the long stop date of its sale of the UK Central North Sea Licence P2519 to Quattro Energy Ltd.

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27 Apr 2023 18:24

EARNINGS SUMMARY: Brave Bison profit multiplies, Novacyt loss widens

(Alliance News) - The following is a round-up of earnings updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:

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17 Apr 2023 12:10

IN BRIEF: United Oil & Gas extends longstop date of asset licence sale

United Oil & Gas PLC - London-based oil and gas company with projects in Egypt, Italy and the UK - Extends longstop date for the sale of UK Central North Sea licence P2519, which contains the Maria discovery in block 15/18e, to Quattro Energy Ltd. New longstop date is May 17, extended from April 16, to allow additional time for the asset purchase agreement conditions required for completion to be satisfied. Says a further update will be provided to the market in due course.

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17 Apr 2023 12:05

IN BRIEF: United Oil & Gas extends longstop date of asset licence sale

United Oil & Gas PLC - London-based oil and gas company with projects in Egypt, Italy and the UK - Extends longstop date for the sale of UK Central North Sea licence P2519, which contains the Maria discovery in block 15/18e, to Quattro Energy Ltd. New longstop date is May 17, extended from April 16, to allow additional time for the asset purchase agreement conditions required for completion to be satisfied. Says a further update will be provided to the market in due course.

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4 Apr 2023 11:38

United Oil jumps on progress at Egypt's Abu Sennan

(Sharecast News) - United Oil & Gas updated the market on its operations in the Abu Sennan licence onshore Egypt on Tuesday, in which it holds a 22% non-operating interest alongside operator Kuwait Energy Egypt.

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4 Apr 2023 11:26

United Oil & Gas shares jump on well spud at Abu Sennan in Egypt

(Alliance News) - United Oil & Gas PLC on Tuesday said that operations at the Abu Sennan licence are progressing well, as drilling begins at the ASD-3 development well.

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4 Apr 2023 10:24

AIM WINNERS & LOSERS: Light Science shares plummet on fundraise

(Alliance News) - The following stocks are the leading risers and fallers on AIM in London on Tuesday.

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21 Mar 2023 10:57

United Oil & Gas begins production at ASH-8 development well in Egypt

(Alliance News) - United Oil & Gas PLC on Tuesday said it has commenced production at the ASH-8 development well in the Abu Sennan licence, onshore Egypt.

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28 Feb 2023 14:33

TRADING UPDATES: Celsius hails MCB assays; Brandshield revenue rises

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:

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27 Jan 2023 21:13

TRADING UPDATES: Flowtech revenue up; Velocys meets expectations

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:

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17 Jan 2023 21:40

TRADING UPDATES: Future Metals in JV; Gunsynd sells stake in investee

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:

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13 Jan 2023 08:16

United Oil & Gas says resources audit shows value of Maria discovery

(Alliance News) - United Oil & Gas PLC on Thursday announced the results of an independent contingent resources audit conducted by Gaffney, Cline & Associates Ltd for its Maria discovery in the UK central North Sea.

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