(Alliance News) - United Oil & Gas Ltd said Monday it has accepted the formal offer from the Oil & Gas Authority for the awarding of four blocks in the UK North Sea in the UK 31st offshore licensing round.
The oil & gas company now holds a 100% interest in blocks 14/15c, 15/11c, 15/12a and 15/13c, which make up Licence P2480. The blocks cover an area of 500 square kilometres, and includes the Zeta prospect which United estimates could contain around 90 million barrels of in-place oil.
The blocks were awarded on the basis of a low-cost work programme involving the purchase of an existing high-quality 3D seismic dataset and detailed geological and geophysical analysis.
In the same licencing round, United Oil & Gas was provisionally awarded a 10% interest in blocks 98/11b and 98/12 in the English Channel. The company said it expects to receive confirmation on those licence in the coming weeks.
"We are delighted with these awards, which, based on extensive technical work carried out over the available acreage ahead of the application were our primary focus for the 31st round," said Chief Operating Officer Jonathan Leather.
"This is our second successful UK licencing round and our largest award to date. United has done well to be included in the roster of companies which have been successful in this round, including Chrysaor, Equinor, Chevron and Total," Leather added.
Shares for United Oil & Gas were untraded on Monday, last quoted at 4.07 pence in London.
United Oil&gas (UOG)