Last checked at 2 Apr 2024 07:00
United Oil & Gas PLC / Index: AIM / Epic: UOG / Sector: Oil & Gas
02 April 2024
United Oil & Gas plc
("United" or "the Company")
Licence Update - Waddock Cross Licence Extension
United Oil & Gas Plc (AIM: "UOG"), the oil and gas company with a high impact exploration asset in Jamaica and a development asset in the UK is pleased to announce the following update in relation to Waddock Cross oil field in which United has 26.25% working interest.
Highlights
- 5-year extension to the PL090 Licence that contains the Waddock Cross oil field has been granted.
- 57 million barrels of Stock Tank Oil Initially in Place.
- Potential for the oil field to produce 500 to 800 barrels of oil per day (gross) with approximately 1 million barrels of gross recoverable oil when redeveloped with a new horizontal well.
Waddock Cross Licence Extension
United is pleased to announce that the North Sea Transition Authority ("NSTA") have signed a Deed of Variation relating to licence PL090 (which contains the Waddock Cross oil field) with the effect of extending the term of the Licence for another 5 years through to 31 March 2029.
As previously reported, Egdon Resources as the licence operator (the "Operator"), previously coordinated the completion of reservoir modelling work on Waddock Cross. From this work, the Operator estimates that Waddock Cross contains a significant Stock Tank Oil Initially in Place (STOIIP) volume of 57 million barrels of oil, and that a new horizontal well could yield commercial oil production of 500-800 barrels of oil per day (gross) and c. 1 million barrels (gross) of gross recoverable oil.
Egdon Resources is progressing plans for redeveloping Waddock Cross, including advancing the required planning permissions and permit application.
United Chief Executive Officer, Brian Larkin commented:
"As a company our near-term focus is on advancing the Walton Morant Licence in Jamaica and the Waddock Cross oil field in the UK, where we hold a 26.25% working interest.
We are delighted to announce that the North Sea Transition Authority (NSTA) has signed a Deed of Variation extending the term of Licence PL090, which contains the Waddock Cross oil field, for another 5 years through to 31 March 2029. This is a significant milestone for us, and we are excited about the low risk, high margin redevelopment opportunity it presents.
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. We are looking forward to working with the Operator as plans to restart production at Waddock Cross are actively progressed."
END
This announcement contains inside information for the purposes of Article 7 of Regulation 2014/596/EU which is part of domestic UK law
pursuant to the Market Abuse (Amendment) (EU Exit) regulations (SI 2019/310).
Enquiries | ||
United Oil & Gas Plc (Company) | ||
Brian Larkin, CEO | brian.larkin@uogplc.com | |
Beaumont Cornish Limited (Nominated Adviser) | ||
Roland Cornish | Felicity Geidt | Asia Szusciak | +44 (0) 20 7628 3396 | |
Tennyson Securities (Joint Broker) | ||
Peter Krens | +44 (0) 020 7186 9030 | |
Optiva Securities Limited (Joint Broker) | ||
Christian Dennis | +44 (0) 20 3137 1902 | |
Camarco (Financial PR) | ||
Andrew Turner | Emily Hall | Sam Morris | +44 (0) 20 3757 4983 |
Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated Adviser and is authorised and regulated by the FCA. Beaumont Cornish's responsibilities as the Company's Nominated Adviser, including a responsibility to advise and guide the Company on its responsibilities under the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed solely to the London Stock Exchange. Beaumont Cornish is not acting for and will not be responsible to any other persons for providing protections afforded to customers of Beaumont Cornish nor for advising them in relation to the proposed arrangements described in this announcement or any matter referred to in it.
Notes to Editors
United Oil & Gas is an oil and gas company with a development asset in the UK and a high impact exploration licence in Jamaica.
The business is led by an experienced management team with a strong track record of growing full cycle businesses, partnered with established industry players and is well positioned to deliver future growth through portfolio optimisation and targeted acquisitions.
United Oil & Gas is listed on the AIM market of the London Stock Exchange. For further information on United Oil and Gas please visit www.uogplc.com