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 Larkinbrian.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 Heronjheron@murrayconsultanta.ie

Appendix 1

The Licence
Licence No.Licence DateJOA DateCurrent LicenseesCurrent Percentage Interest
P191814/06/2012 05/02/2013Corallian Energy Limited60%
Corfe Energy Limited40%
PEDL33015/09/2016NoneCorallian Energy Limited60%
Corfe Energy Limited40%
PEDL34515/09/2016NoneCorallian Energy Limited60%
Corfe Energy Limited40%

 

Part II

The Farmed Interest
PartyCurrent Percentage InterestFarmed InterestFuture Percentage Interest
Corallian Energy Limited60%10-20% to United40-50%
United Oil & Gas plc10%10-20% from Corallian10-20%

 

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 LicencePo Valley Energy 20%
United KingdomWaddock Cross FieldEgdon Oil Plc 26.25%
United Kingdom PL090 Exploration Egdon Oil Plc 18.95%
United KingdomP1918*Corallian10%**
United Kingdom PEDL 330Corallian10%**
United KingdomPEDL 345Corallian10%**
Jamaica Walton-Morant Tullow Oil plc 20%

 

*Offshore

** Option to acquire a further 10%