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Corallian Energy Spuds Colter aAppraisal Well

Source: www.gulfoilandgas.com 2/6/2019, Location: Europe

United Oil & Gas Plc has been notified by Corallian Energy Limited (‘Corallian’), the operator of the P1918 licence in the Wessex Basin, that the Colter 98/11a-5 appraisal well (‘the Well’ or ‘Colter’) spudded at 1010 hrs on 6 February 2019. United holds a 10% interest in the Well which will appraise a historic discovery that lies immediately to the south of Europe's largest onshore oil field at Wytch Farm. The discovery was made in 1986 by well 98/11-3, which encountered a 10.5m oil column in the Sherwood Sandstone reservoir, the same play that has proven to be so productive at Wytch Farm where over 450mmbbls have been produced to date.

The Ensco-72 jack-up drilling unit has been contracted to drill the Well to an intended total depth of 1,830m metres, with drilling expected to take approximately three weeks. Colter will be drilled updip of 98/11-3 targeting significant potential that has been identified following reprocessing of 3D seismic data. The gross unrisked mid-case oil contingent resources in the section proven up by the 98/11-3 well have been estimated at 4mmbbls, with gross unrisked mean-case prospective resources estimated at 15mmbbls in the rest of the structure.

United Oil & Gas PLC CEO, Brian Larkin, said: “The commencement of drilling operations at Colter is yet another key development for the Company. Colter is the second well United has participated in within the last twelve months, the first being the successful Podere Maiar well at the Selva gas field in Italy. Targeting a historic discovery on the same play as the nearby prolific Wytch Farm Field and with an aggregate mid-case volume of 19mmbbls of gross contingent and prospective resources, we believe Colter offers an excellent opportunity to emulate the success we enjoyed with Podere Maiar.

“We look forward to updating shareholders on operations at Colter as well as activity across our portfolio of low risk, late stage appraisal/development projects in Europe and a high impact exploration play offshore Jamaica. Following our first Competent Person’s Report covering the Crown Oil Discovery in the North Sea and the Waddock Cross Field in the Wessex Basin, and with CPRs due for our offshore Jamaica and onshore Italy projects, we believe that 2019 is the year in which we will unlock the significant potential of the diverse portfolio that we have built.”

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