Proactiveinvestors Australia United Oil & Gas PLC Proactiveinvestors Australia United Oil & Gas PLC RSS feed en Tue, 23 Jul 2019 12:48:34 +1000 Genera CMS (Proactiveinvestors) (Proactiveinvestors) <![CDATA[RNS press release - United proposed sale of Crown Discovery ]]> Wed, 17 Jul 2019 20:20:03 +1000 <![CDATA[RNS press release - Result of AGM ]]> Mon, 24 Jun 2019 23:15:04 +1000 <![CDATA[RNS press release - United Successful in UK Licensing Round 31 ]]> Wed, 05 Jun 2019 16:00:08 +1000 <![CDATA[RNS press release - Appointment of Chief Financial Officer ]]> Fri, 31 May 2019 16:00:03 +1000 <![CDATA[RNS press release - Final Audited Results and Notice of AGM ]]> Thu, 30 May 2019 16:00:04 +1000 <![CDATA[RNS press release - Significant Upgrade to Italian Resources ]]> Fri, 26 Apr 2019 16:00:10 +1000 <![CDATA[RNS press release - Holding(s) in Company ]]> Wed, 10 Apr 2019 01:00:01 +1000 <![CDATA[RNS press release - Shareholder Conference Call ]]> Fri, 15 Mar 2019 18:00:06 +1100 <![CDATA[RNS press release - Expands Portfolio With Benin Farm In ]]> Mon, 11 Mar 2019 18:00:08 +1100 <![CDATA[RNS press release - Completion of Colter Appraisal Campaign ]]> Fri, 08 Mar 2019 18:00:04 +1100 <![CDATA[RNS press release - Admission to Trading on AIM ]]> Fri, 01 Mar 2019 18:00:07 +1100 <![CDATA[RNS press release - Update on Proposed Admission to AIM ]]> Tue, 26 Feb 2019 18:00:13 +1100 <![CDATA[RNS press release - Colter Appraisal Well Results ]]> Mon, 25 Feb 2019 18:00:06 +1100 <![CDATA[RNS press release - CPR upgrades Jamaica prospect to 229million bbls ]]> Thu, 21 Feb 2019 18:00:02 +1100 <![CDATA[RNS press release - Schedule One update - United Oil & Gas plc ]]> Thu, 21 Feb 2019 02:30:01 +1100 <![CDATA[RNS press release - CPR for Selva Gas Field, Onshore Italy ]]> Thu, 07 Feb 2019 18:00:03 +1100 <![CDATA[RNS press release - Spud of Colter Appraisal Well ]]> Wed, 06 Feb 2019 22:00:04 +1100 <![CDATA[RNS press release - CPRs for Crown Discovery and Waddock Cross Field ]]> Fri, 01 Feb 2019 18:00:01 +1100 <![CDATA[RNS press release - Schedule One - United Oil & Gas plc ]]> Thu, 31 Jan 2019 22:30:02 +1100 <![CDATA[RNS press release - Production concession awarded for Podere Gallina ]]> Tue, 15 Jan 2019 18:00:03 +1100 <![CDATA[RNS press release - Update ]]> Wed, 19 Dec 2018 22:00:02 +1100 <![CDATA[RNS press release - Shareholder Conference Call ]]> Tue, 18 Dec 2018 18:00:08 +1100 <![CDATA[RNS press release - Investor Evening ]]> Wed, 28 Nov 2018 18:00:08 +1100 <![CDATA[RNS press release - Colter Appraisal Well Update ]]> Tue, 13 Nov 2018 18:00:11 +1100 <![CDATA[RNS press release - Holding(s) in Company ]]> Tue, 23 Oct 2018 17:00:07 +1100 <![CDATA[RNS press release - Oil Capital Conference Presentation ]]> Thu, 18 Oct 2018 17:00:10 +1100 <![CDATA[RNS press release - Result of General Meeting and Total Voting Rights ]]> Tue, 09 Oct 2018 01:15:02 +1100 <![CDATA[RNS press release - Update on Colter Appraisal Well ]]> Fri, 28 Sep 2018 16:00:04 +1000 <![CDATA[RNS press release - Posting of Circular and Notice of General Meeting ]]> Wed, 19 Sep 2018 16:00:05 +1000 <![CDATA[RNS press release - Interim Results ]]> Tue, 18 Sep 2018 16:00:14 +1000 <![CDATA[RNS press release - Oversubscribed Placing to Raise £3 million ]]> Tue, 18 Sep 2018 16:00:12 +1000 <![CDATA[RNS press release - Award of Two Blocks in the UK North Sea ]]> Thu, 23 Aug 2018 16:00:10 +1000 <![CDATA[RNS press release - Delivery of 3D seismic for Jamaica licence ]]> Mon, 13 Aug 2018 16:00:03 +1000 <![CDATA[RNS press release - Issue of Share Options ]]> Thu, 02 Aug 2018 16:00:25 +1000 <![CDATA[RNS press release - New Corporate Presentation ]]> Wed, 01 Aug 2018 20:00:04 +1000 <![CDATA[RNS press release - Update on Colter Appraisal Well in Wessex Basin ]]> Wed, 25 Jul 2018 16:00:07 +1000 <![CDATA[News - United Oil & Gas says Colter well is on-track as cost estimates are confirmed ]]> United Oil & Gas Plc (LON:UOG) has revealed that the planned Colter appraisal well on the south coast of England has passed an important administrative milestone and remains on-track for drilling in the fourth quarter of this year.

The explorer noted that an ‘authorisation for expenditure’ has now been signed, ascribing a £7.5mln total cost for the well – which would equate to just over £1mln of costs to United.

Colter was first discovered in 1986 within the same play as Wytch Farm, the UK’s largest onshore oil operation producing some 450mln barrels of crude to date, and, whilst the original Colter well was seen to be exposed to only 4mln barrels of resources the whole feature is believed to be larger.

READ: United Oil & Gas evaluates new opportunities following a busy year

It is estimated that Colter may host a possible 15mln barrels of prospective resources (a mid-case estimate). The planned appraisal well is guided by modern 3D seismic data analysis and it aims to confirm the discovery in an ‘up-dip’ location.

Brian Larkin, UOG chief executive, said: “Colter has an excellent address, being located close to Europe's largest onshore oil field; is targeting a historic discovery that has significant upside and has good access to infrastructure.

“Colter may be a low-risk appraisal play but with independently assigned contingent resources of 4mln barrels and additional gross prospective resources of 15mln barrels, it has the potential to generate a high reward for United shareholders.

“I look forward to providing further updates on activity not only at Colter but across our portfolio of near-term, low-risk development opportunities in Europe and higher-risk, high-impact exploration in Jamaica, during what promises to be an exciting period for United."

UOG has a 10% interest in the project, acquired via a farm-in deal that committed it to pay 13.33% of costs associated to the Colter well.

Colter is operated by Corallian Energy Ltd which owns a 45% stake alongside fellow exploration partners Corfe Energy with 40% and Baron Oil Plc (LON:BOIL) which has 5%.

Wed, 25 Jul 2018 07:48:00 +1000
<![CDATA[RNS press release - Investor Presentation Evening ]]> Thu, 19 Jul 2018 16:00:04 +1000 <![CDATA[RNS press release - Result of AGM ]]> Tue, 26 Jun 2018 01:26:04 +1000 <![CDATA[RNS press release - AGM Statement ]]> Mon, 25 Jun 2018 16:00:08 +1000 <![CDATA[News - United Oil & Gas continuing to evaluate new opportunities following a busy year ]]> United Oil & Gas Plc (LON:UOG) is continuing to evaluate new opportunities following a busy year which saw the explorer acquire five new licenses expanding its portfolio into Jamaica, as well as operations in Italy and the UK.

In a statement to be delivered at today’s annual general meeting, the AIM-listed company’s chief executive officer Brian Larkin said: "Shareholders can expect more of the same in the year ahead, as we work with our partners to bring the commercial gas discovery in Italy into production; drill at least one well in the UK; and de-risk the company-making prospectivity, offshore Jamaica.”

WATCH: United Oil & Gas “excited” about the development at Podere Gallina licence in Italy

He added: “In tandem with this, we continue to evaluate new opportunities which match our investment criteria as we look to deliver on our objective to expose our shareholders to a growing pipeline of near-term opportunities with significant re-rating potential.”

The CEO said: “The common thread that connects all of our licences is that they each have a clear line of sight towards near-term, high-impact activity centred on unlocking untapped value. Our focus is to expose our shareholders to multiple opportunities with significant re-rating potential.”

He added: “Already, our portfolio has benefited from one such opportunity at the Podere Gallina licence in the Po Valley, Italy."

The CEE pointed out: “Strong gas flows in testing subsequently confirmed a significant commercial discovery had been made.  With mid-case gross recoverable volumes estimated at 525MScm (~18Bcf / 3mmboe), we, along with our partners, are keen to monetise this discovery as soon as possible”. 

United’s boss also noted that later this year, in the UK, a well is planned to be drilled targeting the Colter Discovery in the Wessex Basin, while work also continues at the Waddock Cross Field with a view to drilling a well in the first-half of 2019.

Jamaica "high risk and high reward exploration"

Larkin added: "While our licences in the UK and Italy tick the development and appraisal box, our 20% interest in the Tullow Oil-operated Walton Morant licence, offshore Jamaica, provides us with exposure to high risk and high reward exploration with huge re-rating potential.”

The CEO noted that, covering an area of 32,000 square kilometres, the Jamaica licence “holds multiple plays and prospects in three separate basins, including the high-grade 200mmbbls Colibri prospect.”

He said that. following the acquisition of 2,250km2 3D seismic data over an area of the licence that covers Colibri in May 2018, the acquired data is currently being processed and interpreted ahead of a drill-or-drop decision in 2019. 

Larkin concluded: “The last twelve months have been a highly active, successful and rewarding period for United.”

Mon, 25 Jun 2018 08:05:00 +1000
<![CDATA[RNS press release - Colter Appraisal Well Option Update ]]> Mon, 04 Jun 2018 16:00:08 +1000 <![CDATA[News - United Oil & Gas still in talks to increase stake in Colter discovery ]]> United Oil & Gas Plc (LON:UOG) is still in talks to increase its interest in Corallian Energy’s licences in southern UK which include the highly prospective Colter discovery.

London-listed United had option to purchase an additional 10% farmed interest in the licences, although that expired last Thursday (May 31).

READ: Rig agreement signed for Colter well

Despite this, the company said it remains in talks with its other partners in the licences on taking a further equity stake.

“We have an existing 10% interest in the highly prospective Colter discovery which is due to be drilled later this year,” said UOG chief executive Brian Larkin.

“Although the option has lapsed we remain extremely supportive and positive about its potential and are actively progressing discussions with our partners on increasing our stake in the project.”

The Colter discovery, off England's south coast, is adjacent to Wytch Farm, the largest onshore oil field in Europe, where more than 450mln barrels of oil have been produced.

A previous well at Colter encountered a 10.5 metre oil column and following seismic work in the area the new well will target a location up-dip from the original site.

United, via a farm-in option, has a 10% interest in the project and it estimates that its share of the costs to drill the well will be less than £1mln.

The company describes Colter as an “extremely attractive prospect” and drilling is expected in the second half of the year.

Shares dipped 1% to 5.1p on Monday morning.

Mon, 04 Jun 2018 10:22:00 +1000
<![CDATA[RNS press release - Notice of AGM ]]> Thu, 31 May 2018 01:43:39 +1000 <![CDATA[RNS press release - Operational Update: Progress at Podere Gallina ]]> Tue, 29 May 2018 16:00:15 +1000 <![CDATA[News - United Oil & Gas looks forward to development at Podere Maiar ]]> United Oil & Gas Plc (LON:UOG) shares rose on Tuesday after the group updated investors as the 20% owned Podere Maiar 1 well, in the Podere Gallina licence, is advancing towards production.

The Podere Maiar discovery was announced in January, following positive well results, and, United today confirms that a development plan has now been submitted to the Italian authorities.

It is planned that a fully automated gas plant will be built at the existing well site for a cost of €2.4mln and a one kilometres pipeline will be needed.

READ: United Oil & Gas lands Crown discovery in UK licensing round

According to the development plan, the initial field will yield a combined 5.3mln cubic feet of gas per day from two reservoir intervals, C1 and C2. Meanwhile, later phases of work will see additional wells drilled and potentially brought into production depending upon results.

"We are delighted with the excellent progress being made in relation to our first commercial discovery, Podere Maiar,” said Brian Larkin, United chief executive.

“Today's announcement moves us along the path to production at this discovery.  It also gives proof of the additional prospectivity that this licence offers. 

“We will be working with the operator to design a programme of seismic activity for later this year and early 2019, with the goal of identifying additional drilling targets.”

New 3D seismic is planned for either the second half of this year or early 2019 ahead of drilling in prospective areas – the Selva East, Selva South Flank, and Riccardina prospects.

In mid-morning trading, United O&G shares were 1% higher at 4.95p.

-- Adds share price --

Tue, 29 May 2018 07:28:00 +1000
<![CDATA[RNS press release - Holding(s) in Company ]]> Thu, 24 May 2018 18:00:01 +1000 <![CDATA[RNS press release - Provisional Award of UK Blocks, Includes Discovery ]]> Thu, 24 May 2018 16:00:12 +1000 <![CDATA[News - United Oil & Gas lands Crown discovery in UK licensing round ]]> United Oil & Gas Plc (LON:UOG) has revealed that it has landed two new exploration areas in the North Sea.

It was provisionally awarded two new blocks in the UK Government’s 30th offshore licensing round.

The new acreage already contains the Crown oil discovery which was found by a ConnocoPhilips well in 1998, and, has been estimated to contain 4-16mln barrels of oil, with the mid-case presently pitched at around 9mln barrels.

READ: United Oil & Gas looks forward to Colter drilling offshore UK

United plans to conduct new work programmes to advance Crown towards a development, starting with seismic reprocessing designed to reduce uncertainties relating to estimated oil volumes and to help select future well locations.

Additionally, the company highlighted that the whole new acreage package spans some 13.6 square kilometres and contains multiple exploration targets.

"We rated the Crown discovery our primary target in the 30th Round,” said Brian Larkin, United chief executive.

“This was based on the results of extensive technical work carried out over the available acreage ahead of the application. 

“We are therefore looking forward to commencing the work programme which is focused on progressing the Crown discovery towards development, as well as delineating additional prospectivity across both licences.”

Larkin added: “Crown is the latest addition to our growing portfolio of high grade targets in the UK, Italy, and offshore Jamaica that are at various stages of development and monetisation.

“We continue to evaluate further acquisition opportunities and with activity taking place across our portfolio in H2 2018, including appraisal drilling of the Colter Discovery, the next few months will not be short of high impact newsflow."

Thu, 24 May 2018 07:41:00 +1000
<![CDATA[RNS press release - Holding(s) in Company ]]> Tue, 15 May 2018 20:43:01 +1000