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%