logo-loader
viewUnited Oil & Gas PLC

United Oil & Gas lands Crown discovery in UK licensing round

United Oil & Gas said that securing the Crown discovery was its primary target in the licensing round and it looks forward to developing the project

oil and gas operations
Crown is estimated to contain between 4mln and 16mln barrels of crude

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."

Quick facts: United Oil & Gas PLC

Price: 1.5 GBX

AIM:UOG
Market: AIM
Market Cap: £9.29 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of United Oil & Gas PLC named herein, including the promotion by the Company of United Oil & Gas PLC in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

2 min read