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United Oil & Gas PLC (UOG)

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Friday 02 March, 2018

United Oil & Gas PLC

Update on Walton-Morant Licence

RNS Number : 4731G
United Oil & Gas PLC
02 March 2018
 

                                                                                                                                2nd March 2018

 

United Oil & Gas Plc

Update on Walton-Morant Licence

 

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 the completion of the farm-in and the transfer of the 20 per cent. interest in the Walton-Morant Licence, offshore Jamaica from Tullow Jamaica Limited ("Tullow") to UOG.

 

Further to the announcement of 27 November 2017, the Company confirms that the Petroleum Corporation of Jamaica ("PCJ") has granted its approval to the assignment, assumption of obligations and transfer of the 20 per cent. interest in the Walton-Morant Licence to UOG with the effect from 1ST March. Accordingly, Tullow, the operator, has now 80 per cent. interest and UOG 20 per cent. interest in the Walton-Morant Licence.

 

In addition, the Company has been informed by Tullow that it intends to commence acquiring the 3D seismic focusing on the high-graded Colibri lead in March 2018. 

 

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

[email protected]

 

 

Optiva Securities Limited (Broker)

 

Christian Dennis

+44 (0) 20 3137 1902

 

 

Beaumont Cornish Limited (Financial Adviser)

 

Roland Cornish and Felicity Geidt

+44 (0) 20 7628 3396

 

 

Murray (PR Advisor)

 +353 (0) 87 6909735

Joe Heron

[email protected]

 

Editor's Note:

 

United Oil & Gas plc (UOG) is listed on the main market of the London Stock Exchange.  UOG 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 current licences:

 

Country

Licence

Operator

United Holding

Italy

Podere Gallina Licence

Po Valley Energy Ltd

20%

United Kingdom

Waddock Cross Field

Egdon Oil Plc

26.25%

United Kingdom

PL090 Exploration

Egdon Oil Plc

18.95%

United Kingdom

P1918*

Corallian Energy Limited

10%**

United Kingdom

PEDL 330

Corallian Energy Limited

10%**

United Kingdom

PEDL 345

Corallian Energy Limited

10%**

Jamaica

Walton-Morant*

Tullow Jamaica Limited

20%

*Offshore

** Option to acquire a further 10%

 

In addition, UOG has an option agreement to farm into offshore Block 49/29c UK Licence P2264 which contains the Acle prospect. On exercise of this option agreement UOG will acquire a 24% interest in the licence.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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