Colter Corallian Option Agreement Extension

2 May 2018

 

United Oil & Gas Plc

Corallian farmout agreement

Extension of Option over Additional Farmed Interest

 
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 that the option over the right to purchase an additional 10% farmed interest in the Corallian Energy Limited interests in its southern UK oil and gas assets has now been extended to 31 May 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 brian.larkin@unitedoilandgas.eu
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 jheron@murrayconsultanta.ie

Appendix 1

The Licence
Licence No. Licence Date JOA Date Current Licensees Current Percentage Interest
P1918 14/06/2012 05/02/2013 Corallian Energy Limited 60%
Corfe Energy Limited 40%
PEDL330 15/09/2016 None Corallian Energy Limited 60%
Corfe Energy Limited 40%
PEDL345 15/09/2016 None Corallian Energy Limited 60%
Corfe Energy Limited 40%

 

Part II

The Farmed Interest
Party Current Percentage Interest Farmed Interest Future Percentage Interest
Corallian Energy Limited 60% 10-20% to United 40-50%
United Oil & Gas plc 10% 10-20% from Corallian 10-20%

 
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 20%
United Kingdom Waddock Cross Field Egdon Oil Plc 26.25%
United Kingdom PL090 Exploration Egdon Oil Plc 18.95%
United Kingdom P1918* Corallian 10%**
United Kingdom PEDL 330 Corallian 10%**
United Kingdom PEDL 345 Corallian 10%**
Jamaica Walton-Morant Tullow Oil plc 20%

 
*Offshore
** Option to acquire a further 10%

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