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United Oil & Gas PLC - Italian Licencing Update

RNS Number : 0414Z
United Oil & Gas PLC
07 January 2020
 

United Oil & Gas PLC / Index: AIM / Epic: UOG / Sector: Oil & Gas

 

7th January, 2020+BCL

 

United Oil & Gas PLC ('United' or 'UOG' or 'the Company')

 

Italian Licencing Update

United Oil & Gas PLC (AIM: "UOG"), the AIM traded oil and gas exploration and development company, notes the announcement issued by Po Valley Energy Limited ("Po Valley"), operator of the Podere Gallina Licence,  stating that they have received formal technical environmental approval from the Italian Environmental Ministry for the development of the Selva Gas field.  United holds a 20% economic interest in the Podere Gallina licence.

This approval is an important milestone in advance of the decision to grant final approval by Environment Minister decree and the issuing of the required INTESA (intergovernmental agreement) and the final grant of a Production Concession issued by Italy's Economic Development Ministry.

A Competent Persons Report included in the Company's AIM Admission Document dated 6 December 2019, covering all of the Podere Gallina Licence, including the Selva Malvezzi Production Concession identified gross 2P Reserves of 13.3Bcf (2.7Bcf net attributable to United), a further 14.1Bcf of gross 2C Contingent Resources (2.8Bcf net attributable), and 91.5Bcf of unrisked gross Prospective Resources (18.3Bcf net attributable).

The Po Valley ASX announcement can be accessed via this link:

https://www.asx.com.au/asxpdf/20200107/pdf/44d3bj9wwlt6x7.pdf

 

Brian Larkin CEO, United Oil and Gas PLC:

'This approval is an important milestone in the proposed development of the Selva Gas Field.  We look forward to further constructive engagement with the Italian Government and continued progress on this field, with the objective of achieving first production in 2020.

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

ENDS

 

United Oil & Gas Plc (Company)

 

Brian Larkin, CEO

[email protected]

Beaumont Cornish Limited (Nominated Adviser)

 

Roland Cornish and Felicity Geidt

+44 (0) 20 7628 3396

Optiva Securities Limited (Joint Broker)

 

Christian Dennis

+44 (0) 20 3137 1902

Cenkos Securities Plc (Joint Broker)

 

Joe Nally (Corporate Broking)

Derrick Lee and Pete Lynch

 +44 (0) 20 7397 8900

+44 (0) 131 220 6939

Murray (PR Advisor)

+353 (0) 87 6909735

Joe Heron

[email protected]

 

 

St Brides Partners (Financial PR/IR)

 

Frank Buhagiar and Priit Piip

+44 (0) 207 236 1177

 

Notes to Editors

 

United Oil & Gas plc (UOG) is an AIM-traded company.  United was established to explore, appraise and develop low risk assets in Europe and to develop higher risk, higher impact exploration projects in the Caribbean, Latin America and Africa.

 

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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Quick facts: United Oil & Gas PLC

Price: 1.55

Market: AIM
Market Cap: £9.6 m
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