REG - United Oil & Gas PLC - Licence Update – Waddock Cross Licence Extension

United Oil & GasAnnouncement

02/04/2024 07:00

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RNS Number : 7447I  United Oil & Gas PLC  02 April 2024

United Oil & Gas PLC / Index: AIM / Epic: UOG / Sector: Oil & Gas

 

02 April 2024

United Oil & Gas plc

("United" or "the Company")

Licence Update - Waddock Cross Licence Extension

 

United Oil & Gas Plc (AIM: "UOG"), the oil and gas company with a high
impact exploration asset in Jamaica and a development asset in the UK is
pleased to announce the following update in relation to Waddock Cross oil
field in which United has 26.25% working interest.

 

Highlights

 

-       5-year extension to the PL090 Licence that contains the Waddock
Cross oil field has been granted.

-       57 million barrels of Stock Tank Oil Initially in Place.

-       Potential for the oil field to produce 500 to 800 barrels of oil
per day (gross) with approximately 1 million barrels of gross recoverable oil
when redeveloped with a new horizontal well.

 

Waddock Cross Licence Extension

 

United is pleased to announce that the North Sea Transition Authority ("NSTA")
have signed a Deed of Variation relating to licence PL090 (which contains the
Waddock Cross oil field) with the effect of extending the term of the Licence
for another 5 years through to 31 March 2029.

 

As previously reported, Egdon Resources as the licence operator (the
"Operator"), previously coordinated the completion of reservoir modelling work
on Waddock Cross. From this work, the Operator estimates that Waddock Cross
contains a significant Stock Tank Oil Initially in Place (STOIIP) volume of 57
million barrels of oil, and that a new horizontal well could yield commercial
oil production of 500-800 barrels of oil per day (gross) and c. 1 million
barrels (gross) of gross recoverable oil.

 

Egdon Resources is progressing plans for redeveloping Waddock Cross, including
advancing the required planning permissions and permit application.

 

United Chief Executive Officer, Brian Larkin commented:

 

"As a company our near-term focus is on advancing the Walton Morant Licence in
Jamaica and the Waddock Cross oil field in the UK, where we hold a 26.25%
working interest.

We are delighted to announce that the North Sea Transition Authority (NSTA)
has signed a Deed of Variation extending the term of Licence PL090, which
contains the Waddock Cross oil field, for another 5 years through to 31 March
2029. This is a significant milestone for us, and we are excited about the low
risk, high margin redevelopment opportunity it presents.

We believe that a new horizontal well at Waddock Cross could yield commercial
oil production of 500-800 barrels per day (gross) and approximately 1 million
barrels (gross) recovery. We are looking forward to working with the Operator
as plans to restart production at Waddock Cross are actively progressed."

 

END

 

 

This announcement contains inside information for the purposes of Article 7 of
Regulation 2014/596/EU which is part of domestic UK law

pursuant to the Market Abuse (Amendment) (EU Exit) regulations (SI 2019/310).

 

 

 Enquiries
 United Oil & Gas Plc (Company)
 Brian Larkin, CEO                                      brian.larkin@uogplc.com (mailto:brian.larkin@uogplc.com)

 Beaumont Cornish Limited (Nominated Adviser)
 Roland Cornish | Felicity Geidt | Asia Szusciak        +44 (0) 20 7628 3396

 Tennyson Securities (Joint Broker)
 Peter Krens                                            +44 (0) 020 7186 9030

 Optiva Securities Limited (Joint Broker)
 Christian Dennis                                       +44 (0) 20 3137 1902

 Camarco (Financial PR)
 Andrew Turner | Emily Hall | Sam Morris                +44 (0) 20 3757 4983

 

 

Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated
Adviser and is authorised and regulated by the FCA. Beaumont Cornish's
responsibilities as the Company's Nominated Adviser, including a
responsibility to advise and guide the Company on its responsibilities under
the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed
solely to the London Stock Exchange. Beaumont Cornish is not acting for and
will not be responsible to any other persons for providing protections
afforded to customers of Beaumont Cornish nor for advising them in relation to
the proposed arrangements described in this announcement or any matter
referred to in it.

 

 

Notes to Editors

United Oil & Gas is an oil and gas company with a development asset in
the UK and a high impact exploration licence in Jamaica.

 

The business is led by an experienced management team with a strong track
record of growing full cycle businesses, partnered with established industry
players and is well positioned to deliver future growth through portfolio
optimisation and targeted acquisitions.

United Oil & Gas is listed on the AIM market of the London Stock
Exchange. For further information on United Oil and Gas please
visit www.uogplc.com (http://www.uogplc.com)

 

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