Podere Maiar drilling results

RNS Number : 4847Y

United Oil & Gas PLC

06 December 2017

 

                                                                                                                        6th December 2017

United Oil & Gas Plc

 ("UOG", "United" or the "Company")

Podere Maiar drilling results

United Oil & Gas Plc ("UOG", "United" or the "Company"), the London Stock Exchange listed oil and gas exploration and development company, is pleased to announce positive log results from the drilling of the Podere Maiar 1 ("PM1") well on the Selva Gas Field in the Podere Gallina licence, onshore Italy.

PM1 was successfully drilled to a total depth of 1330m TVD (1307m TVDSS) ahead of schedule and on budget.

Downhole log results from Schlumberger confirm a gross gas pay of 53m. The top of the reservoir was encountered at 1245m TVD (1223m TVDSS) some 12m above the level of any previous production wells, including the nearby Selva 6 well.

The two main sand levels show high resistivity in the logs, indicating a thick gas-bearing reservoir

United Oil & Gas (20%), and its joint venture partners Po Valley Energy (64%; operator) and Prospex Oil and Gas (17%) have agreed to proceed to case, perforate and complete the well and install downhole production equipment.

Well completion is targeted to be finished mid-December with flow-testing on a rigless basis planned for early January.

Brian Larkin, United CEO, commented:

"We are very pleased with these initial well results, which confirm the significant potential in the Selva Field. We are looking forward to successfully completing the well operations, and commencing the rigless testing shortly.  This is a great result for our shareholders and we look forward to progressing the licence with our joint venture partners. We will provide a further update when well testing completes".

ENDS

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.

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]

Editor's Note:

About United Oil & Gas

United Oil & Gas plc (UOG) is listed on the main market of the London Stock Exchange.  United was established to explore, appraise and develop low risk assets in Europe and North Africa and to develop higher risk, higher impact exploration projects in Latin America and Africa.

The following table outlines the company's licences.

Country	Licence	Operator	United Holding
Italy	Podere Gallina Licence	Po Valley Energy	20%
United Kingdom	Waddock Cross Field	Egdon Oil Plc	26.25%
United Kingdom	PL090 Exploration	Egdon Oil Plc	18.95%
Jamaica	Walton-Morant	Tullow Oil plc	20%

 

END

 

 

DRLEAPASEEAXFFF