United Oil & Gas confirms award of two blocks in the UK North Sea

8/23/2018

LONDON -- United Oil & Gas Plc, the London Stock Exchange listed oil and gas exploration and development company, has announced that further to the announcement of May 24, 2018, it has accepted the formal offer from the Oil and Gas Authority, the UK oil and gas regulator, confirming the award of Blocks 15/18d and 15/19b (License P2366), with the license term beginning Oct. 1, 2018. The two highly prospective blocks in the Central North Sea cover an area of c. 13.6 km2 and are close to the substantial Piper, MacCulloch and Dumbarton/Donan oil fields and include the Palaeocene Crown Oil Discovery, which could contain up to 16 MMbbl of recoverable oil.

United’s internal estimates suggest a range in recoverable volumes of 4-16 MMbbl oil, with mid-case estimates of ~9 MMbbl for the Crown oil discovery, which was made by ConocoPhillips in 1998 in well 15/19-9. The potential of the license is underlined by the interest already received from prospective farm-in partners, and the Company will consider all options available in order to progress the work program as rapidly as possible. The directors believe this interest reflects not only the quality of Blocks 15/18d and 15/19b but also the uptick in activity and interest in the Central North Sea.

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