UOG – Update

United Oil & Gas Plc, the London Stock Exchange listed oil and gas exploration and development company, is pleased to provide an update on the Colter appraisal well (‘the Well’) on P1918 in the Wessex Basin.  United holds a 10% interest in the Well, which is operated by Corallian Energy Limited (‘Corallian’).

The Company has been advised that the Ensco 72 jack-up drilling unit, which has been contracted to drill Colter, has been mobilised to the Wick prospect drilling location.  As previously disclosed, as soon as drilling operations at Wick have been completed, the drilling unit will be mobilised to the Colter drilling location.  Colter is scheduled to be drilled in Q1 2019 and UOG will provide further updates on the timing of the Colter well programme in the new year.

Colter will appraise a historic discovery that lies immediately to the south of Europe’s largest onshore oil field at Wytch Farm.   The discovery was made in 1986 by well 98/11-3, which encountered a 10.5m oil column in the Sherwood Sandstone reservoir, the same play that has proven to be so productive at Wytch Farm where over 450mmbbls have been produced to date.   The new well will be drilled updip of 98/11-3 targeting significant potential that has been identified following reprocessing of 3D seismic data.  The gross unrisked mid-case oil contingent resources in the section proven up by the 98/11-3 well have been estimated at 4mmbbls, with gross unrisked mean-case prospective resources estimated at 15mmbbls in the rest of the structure. 

United Oil & Gas PLC CEO, Brian Larkin, said: “The drilling of Colter in Q1 2019 will kick off what promises to be another exciting year for United.  As well as appraising a historic discovery at Colter, which we believe could hold in aggregate up to 19mmbbls of gross contingent and prospective resources, shareholders can look forward to further high impact activity across our portfolio of late stage European development projects and frontier exploration offshore Jamaica.  This includes advancing the Podere Maiar gas discovery on the Podere Gallina licence onshore Italy towards first production; results from the ongoing processing and interpretation work of the recently acquired 3D seismic over the Colibri target on the Tullow Oil operated Walton-Morant licence, offshore Jamaica; and further progress in de-risking the Crown discovery in the North Sea.”