United Oil & Gas provides update on Podere Maiar well, in northern Italy

12/20/2017

DUBLIN -- United Oil & Gas Plc, the London Stock Exchange listed oil and gas exploration and development company, is pleased to announce the Podere Maiar 1 (PM1) well at 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 11 m were executed successfully on two identified gas reservoirs C1 and C2 in the Medium-Upper Pliocene sands of the Porto Garibaldi formation. The well is now completed (single selective) for production and is "on gas".  Rig demobilization 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 62 m and a net pay of 41 m. The thickest level C2 (net pay 25.5 m) runs from 1,282.5 m MD (1,251 m TVDSS) to 1,322.5 m MD (1,291.5 m TVDSS) with a Gas Water Contact (GWC) at 1,310 m MD (1,279 m TVDSS). It has a formation pressure of 138 bar, has been perforated over a combined 8.5 m, and is expected to be the largest reservoir and producer. The shallower level C1 (net pay 15.5 m), runs from 1,253.5 m MD (1,222.5 m TVDSS) to 1,275.5 m MD (1,244.5 m TVDSS) with a GWC at 1,270.5 m MD (1,239.5 m TVDSS). It has a formation pressure of 135 bar and has been perforated over 2.5 m in the uppermost portion. Both sands have excellent reservoir properties, with porosities averaging over 28%.

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