UOG Announces Provisional Award of 2 Blocks

Source: www.gulfoilandgas.com 9/3/2020, Location: Europe

United Oil & Gas PLC, the growing oil and gas company with a portfolio of production, development, exploration and appraisal assets is pleased to announce the provisional award of Blocks 15/18e and 15/19c to United in the UK 32nd Licensing Round on a 100% Basis.

- Blocks cover c.225km2 in an area close to the Marigold and Yeoman discoveries and the substantial Piper, MacCulloch and Claymore oil fields
- Minimal cost work programme agreed, which will involve the purchase of an existing high-quality 3D seismic dataset and detailed geological and geophysical analysis
- Awarded blocks include:
o the Palaeocene Maria discovery, which United estimated as part of its licence application to hold c. 6 MMboe mid-case recoverable resources
o two Jurassic discoveries; Brochel and 15/18a-6, the latter of which was drilled by Shell in 1987 and flowed at over 2,000 boepd on test
o the Palaeocene Dunvegan prospect
- New blocks are adjacent to United's P2480 Licence, containing the Zeta prospect, providing the Company with a balanced portfolio of discovered and prospective resources in an area of the North Sea in which the Company has a track record of successful divestments

Blocks 15/18e and 15/19c
The Company has been provisionally awarded a 100% interest in Blocks 15/18e and 15/19c, which cover an area of c. 225 km2 and contain multiple targets. The Blocks are less than 10km away from United's P2480 Licence, which contains the Zeta prospect, and add a number of existing discoveries and prospects to United's exciting portfolio of assets in what is a highly-prospective and active area. The Blocks are close to the Piper, MacCulloch and Claymore oil fields, and adjacent to the Marigold and Yeoman discoveries, which are currently being developed by Anasuria Hibiscus UK Ltd. United have a track record of delivering value in this area, and have had previous success through working up licensing round awards and monetising them via divestment.

Block 15/18e contains the Palaeocene Forties Maria Discovery. This was initially discovered in 1976 by Shell/Esso and later appraised by two further wells. United's internal analysis, completed as part of the application, suggests that this is likely to contain c. 6 MMboe of recoverable resources. Analysis suggests that the commercial threshold for oil developments with proximity to infrastructure in this part of the North Sea is c. 4-5 MMbbls, indicating that a viable development should be possible. Indeed, Maria is comparable in size to a discovery United previously successfully divested in the area.

Block 15/18e also contains two Jurassic discoveries, Brochel and 15/18a-6. 15/18a-6 was drilled by Shell in 1987, and on test flowed at over 2,000 boepd from two separate Jurassic reservoirs.

A further Palaeocene prospect - Dunvegan - has also been identified straddling the boundary between Blocks 15/18e and 15/19c.

The Blocks have been awarded on the basis of a work programme involving the purchase of an existing high-quality 3D seismic dataset and detailed geological and geophysical analysis. This analysis is planned to reduce the uncertainty on the estimated oil volumes, ahead of making a drilling commitment. This will require a low capital outlay by the Company. Subject to final award, the Company would expect to see the work programme commence in early 2021.

United Oil and Gas COO Jonathan Leather commented:
"We are delighted with these awards which, based on extensive technical work carried out over the available acreage ahead of the application, were our primary focus for the 32nd Round. The discovered resources and additional prospects we have added in these North Sea Blocks are significant in their own right, but when combined with our neighbouring Zeta licence, provide an exciting portfolio of discoveries and prospects in an active area of the UK North Sea."

"United has a proven record of success in UK licencing rounds. More importantly, based on our knowledge of the region and our strong geotechnical team, we have a record of adding value to those licences and where appropriate monetising them in the interests of shareholders."

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