logo-loader
viewUnited Oil & Gas PLC

United Oil & Gas looks forward to development at Podere Maiar

The development process is advancing, with the plan now submitted to the authorities

oil and gas operations
The installation of a gas plant will cost €2.4mln

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 --

Quick facts: United Oil & Gas PLC

Price: - -

AIM:UOG
Market: AIM
Market Cap: -
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