United Oil & Gas Plc

Corallian farmout agreement

Update on 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 the extension of an option over the right to purchase an additional farmed interest in the Corallian Energy Limited (“Corallian”) interests in its southern UK oil and gas assets.  


On 16 January 2018 United announced it had entered into a farmout agreement with Corallian Energy Limited, a private UK oil and gas appraisal and exploration company.  Under this agreement United agreed to acquire an initial 10 per cent. interest from Corallian in each of three licences held by a joint venture between Corallian (60%) as operator and Corfe Energy Limited (“Corfe”) (40%) offshore and onshore southern UK (“Initial Farmed Interest”), by way of paying 13.33 per cent. of the costs associated with the Colter well, planned for Q2/Q3 2018 (“Costs”). In addition, an option was granted under which United can exercise a right to purchase an additional 10 per cent. interest in these licences (“Additional Farmed Interest”), on the same terms as the Initial Farmed Interest (that is by paying Costs).    


This option expired at the end of March 2018, but has been renewed to the end of April 2018 on the same terms whilst the company awaits the transfer of the assigned initial interest from the UK Oil and Gas Authority which is imminent.


United Oil & Gas Plc, Brian Larkin


“We look forward to the drilling of the Colter well. This license fits with our European strategy of building a portfolio driven by low risk, near term activity. We continue to look to build value and the extension of the option on this exciting play is important for our shareholders”

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 plcnil10-20% 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%


** Option to acquire a further 10%