2nd March 2018
United Oil & Gas Plc
Update on Walton-Morant Licence
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 completion of the farm-in and the transfer of the 20 per cent. interest in the Walton-Morant Licence, offshore Jamaica from Tullow Jamaica Limited (“Tullow”) to UOG.
Further to the announcement of 27 November 2017, the Company confirms that the Petroleum Corporation of Jamaica (“PCJ”) has granted its approval to the assignment, assumption of obligations and transfer of the 20 per cent. interest in the Walton-Morant Licence to UOG with the effect from 1ST March. Accordingly, Tullow, the operator, has now 80 per cent. interest and UOG 20 per cent. interest in the Walton-Morant Licence.
In addition, the Company has been informed by Tullow that it intends to commence acquiring the 3D seismic focusing on the high-graded Colibri lead in March 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)|
|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|
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:
|Italy||Podere Gallina Licence||Po Valley Energy Ltd||20%|
|United Kingdom||Waddock Cross Field||Egdon Oil Plc||26.25%|
|United Kingdom||PL090 Exploration||Egdon Oil Plc||18.95%|
|United Kingdom||P1918*||Corallian Energy Limited||10%**|
|United Kingdom||PEDL 330||Corallian Energy Limited||10%**|
|United Kingdom||PEDL 345||Corallian Energy Limited||10%**|
|Jamaica||Walton-Morant*||Tullow Jamaica Limited||20%|
** Option to acquire a further 10%
In addition, UOG has an option agreement to farm into offshore Block 49/29c UK Licence P2264 which contains the Acle prospect. On exercise of this option agreement UOG will acquire a 24% interest in the licence.