Operational Update

RNS Number : 6393P

United Oil & Gas PLC

04 September 2017

 

For immediate release

4 September 2017

United Oil & Gas Plc

 ("UOG" or the "Company")

Operational update

Italy

United Oil & Gas are pleased to announce that the decree confirming the extension of the Italian Podere Gallina licence to the 3^rd February 2018 has now been issued by the Ministry of Economic Development. This extension will provide adequate time for the drilling of the Podere Maiar well, currently scheduled for Q4 2017, to be completed. Successful completion of this well will satisfy the conditions for either moving into another 3 year exploration period, or, in line with the joint venture's intention to progress as quickly as possible towards a development, applying for a longer-term exploitation permit.

UK

Seismic reprocessing is still progressing on both the Waddock Cross field and the exploration area of the PL090 licence, onshore UK.  This work will provide the Company with additional information to refine its drilling strategy on the licence.  UOG is taking the time required to ensure getting as accurate a read as possible, and expects to be able to provide a further update on this work by the end of October this year.

Portfolio Growth

United Oil & Gas continue to pursue further portfolio growth, with an active pipeline of opportunities across Europe currently under evaluation. We continue discussions with other oil and gas companies and we look forward to updating the market in due course.

Brian Larkin, CEO commented: "We are very pleased with the company's progress since our admission to the Main Market of the London Stock Exchange on the 31^st July. Operationally, we have advanced our work programme for 2017 and we continue to evaluate acquisitions and farm-in opportunities that will create additional material value for our shareholders."

For more information please visit the Company's website at www.uogplc.com or contact:

United Oil & Gas Plc (Company)
Brian Larkin	[e-mail]
Optiva Securities Limited (Broker)
Christian Dennis	[phone]
Beaumont Cornish Limited (Financial Adviser)
Roland Cornish and Felicity Geidt	[phone]
Murray (PR Advisor)	[phone]
Joe Heron	[e-mail]

 

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