United Oil & Gas Plc, the London Stock Exchange listed oil and gas exploration and development company, is pleased to provide an update on the upcoming Colter appraisal well ('the Well') on P1918 in the Wessex Basin, which remains on track to be drilled in Q4 2018. United holds a 10% interest in P1918.
United has been informed by the operator, Corallian Energy Limited, that the rig contract with UK based drilling contractor Ensco U.K. Ltd has been signed. The Ensco-72 jack-up drilling unit has been contracted and the rig site survey has been completed which will allow drilling operations at the Well to commence as planned in Q4 2018, subject to receipt of necessary regulatory approval and consent.
The Well will appraise a historic discovery that lies immediately to the south of Europe's largest onshore oil field at Wytch Farm where over 450mmbbls have been produced to date from the Sherwood Sandstone reservoir. Colter was discovered in 1986 by Well 98/11-3 which encountered a 10.5m oil column in the Sherwood Sandstone. The Well will be drilled in an area updip of the existing discovery, targeting gross unrisked mid-case volumes of over 19mmbbls recoverable oil.
United Oil & Gas PLC CEO, Brian Larkin, said, “We are delighted that the rig contract has been finalised and operations at the Colter well are continuing to progress as planned. Colter is in an excellent location and we believe there to be significant potential in this play, which has yielded Europe's most prolific onshore field at Wytch Farm. With independently assigned gross unrisked mid-case contingent resources of 4mmbbls and additional unrisked mean-case gross prospective resources of 15mmbbls, Colter offers huge potential for the Company and its shareholders.
“Colter will be the second well in which United has participated within the last twelve months, the first being the successful Podere Maiar well in Italy. Here plans to develop a 150,000 cubic metres of gas per day facility are well advanced, while a 3D seismic programme is proposed for early 2019 to progress additional targets within the licence. Elsewhere workstreams are running concurrently across our portfolio, including the processing and interpretation of 3D seismic over the high grade 200mmbbl Colibri target on the Tullow Oil-operated Walton Morant licence, offshore Jamaica; ongoing discussions with potential farm-in partners for our North Sea assets; as well as advancing due diligence on several new potential opportunities. All our activity is focused on exposing shareholders to a pipeline of high impact drilling opportunities and I look forward to providing further updates on our progress.”