United Oil & Gas Plc Interim Results - Delivering on Strategy to Acquire and Develop Multi-Stage Portfolio

Posted by OilVoice Press - OilVoice


Interim Financial Statements for the Period Ended 30 June 2018

United Oil & Gas Plc (‘United' or 'the Company'), the London Stock Exchange listed oil and gas exploration and development company, announces its results for the six months ended 30 June 2018.



  • Delivering on strategy to acquire and develop a multi-stage portfolio of low-risk development and appraisal assets in Europe and high-impact exploration licences in Latin America, the Caribbean and Africa
  • Significant commercial discovery confirmed at Podere Gallina in Italy following strong gas flows on testing

o   Mid-case gross recoverable volumes estimated at 525MScm (~18Bcf / 3mmboe)

o   Development planning underway for a 150,000 cubic metres of gas per day facility with Exploitation Application licence submitted

  • Farmed-in for 10% interest in oil and gas assets in the Wessex Basin, southern UK
    • On course to participate in a well in Q4 2018 to appraise the Colter discovery which lies immediately to the south of Europe's largest onshore oil field at Wytch Farm
  • Completion of 3D Seismic acquisition over Tullow Oil-operated Walton-Morant licence, offshore Jamaica which holds the high-grade 200mmbbls Colibri prospect
    • Results of processing and interpretation of 3D seismic due in Q4 2018
  • Awarded two blocks in the UK North Sea, including the Crown discovery, with estimates of up to 16 million barrels of recoverable oil
  • Option secured to farm-in to offshore Block 49/29c UK Licence P2264 containing the Acle prospect
  • Fully funded for share of current work programme across portfolio
  • Former executive director of Tullow Oil, Graham Martin, appointed as Chairman, representing a major vote of confidence in United's strategy and management team
  • Completion of equity placing of £2.5 million at 4.25p per share on 20th April.
  • £3.0m (gross) raised post-period end by an oversubscribed conditional placing and subscription of a total of approximately 54.5 million shares at 5.5p per share, with warrants attached on a 3 warrants for 4 shares basis at a strike price of 8p. The funds will be used to pursue new projects


United Oil & Gas Plc CEO, Brian Larkin, said, "This has been an active period for United which has set us up for an exciting remainder of 2018. A number of high-impact news flow items are pending including our participation in an appraisal well in the Wessex Basin in the UK; results from a 3D seismic programme completed at our offshore Jamaica project; the commencement of a seismic programme to further unlock the value at the Podere Gallina discovery in Italy; and potential farm-in activity at our North Sea assets, in which we have a 95% interest.  We continue to assess high-quality assets that have clear lines of sight to near-term activity to enhance our portfolio which has seen considerable growth during this period.  We are committed to maintaining the momentum that has been built and I look forward to updating shareholders on the multiple value-adding events occurring over the coming months.”

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