(Alliance News) - United Oil & Gas PLC said on Tuesday that the Waddock Cross licence has been extended by regulators for an additional five years through to March 31 2029.
The London-based oil and gas exploration company has a 26% working interest in the UK onshore oil field which according to recent modelling work conducted by the licence operator, Egdon Resources, contains a total volume of 57 million barrels of oil.
United's Chief Executive Officer Brian Larkin said: "We believe that a new horizontal well at Waddock Cross could yield commercial oil production of 500-800 barrels per day (gross) and approximately 1 million barrels (gross) recovery."
The operator continues to work towards redeveloping Waddock Cross and is currently advancing the necessary planning permissions and permit applications.
United shares were down 5.0% to 0.18 pence each in London on Tuesday morning.
By Elijah Dale, Alliance News reporter
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United Oil&gas (UOG)