United Oil & Gas Plc
Podere Maiar Update
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 Podere Maiar 1 (“PM1”) well on the Selva Gas Field in the Podere Gallina licence is to be flow tested next month, having been successfully cased for production.
The Company announces today that the PM1 well in Northern Italy (United Oil & Gas Plc 20%; Po Valley Energy 63% and operator; and Prospex Oil & Gas Plc 17%) has been successfully cased, perforated and completed. Perforations of a total of 11m were executed successfully on two identified gas reservoirs C1 and C2 in the Medium-Upper Pliocene sands of the Porto Garibaldi Fm. The well is now completed (single selective) for production and is “on gas”. Rig demobilisation is underway and flow testing on a rigless basis is scheduled for early January 2018. Full flow test results will be reported at that time.
Log analysis including pressure testing has delineated two gas bearing reservoirs (C1 and C2) with a combined gross sand interval of 62m and a net pay of 41m. The thickest level C2 (net pay 25.5m) runs from 1282.5m MD (1251m TVDSS) to 1322.5m MD (1291.5m TVDSS) with a Gas Water Contact (“GWC”) at 1310m MD (1279m TVDSS). It has a formation pressure of 138 bar, has been perforated over a combined 8.5m, and is expected to be the largest reservoir and producer. The shallower level C1 (net pay 15.5m), runs from 1253.5m MD (1222.5m TVDSS) to 1275.5m MD (1244.5m TVDSS) with a GWC at 1270.5m MD (1239.5m TVDSS). It has a formation pressure of 135 bar and has been perforated over 2.5m in the uppermost portion. Both sands have excellent reservoir properties, with porosities averaging over 28%.
United Oil & Gas Plc, Brian Larkin:
“United welcomes today’s result, which further confirms the positive outcome of the Podere Maiar 1 well. We are very pleased with the net pay result of 41m of gas, which is in line with our pre-drill expectations. We look forward to rigless testing in January and we will further update our shareholders on the results at that stage”
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|