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United Oil & Gas Farms into Corallian Energy's Southern UK Assets

Source: www.gulfoilandgas.com 1/16/2018, Location: Europe

United Oil & Gas, the London Stock Exchange listed oil and gas exploration and development company, has announced an agreement to farm-in to the Corallian Energy interests in its southern UK oil and gas assets.

United has entered into a farmout agreement with Corallian Energy, a private UK oil and gas appraisal and exploration company, to acquire an initial 10 per cent interest from Corallian in each of three licences held by a joint venture between Corallian (60%) as operator and Corfe Energy (40%) offshore and onshore southern UK ('Initial Farmed Interest'), by way of paying 13.33 per cent. of the costs associated with the Colter well, planned for Q2 2018. In addition, an option has been granted, which expires at the end of March, under which United can exercise a right to purchase an additional 10 per cent interest in these licences ('Additional Farmed Interest'), on the same terms as the Initial Farmed Interest.

Corallian and Corfe jointly hold equity in licence P1918, offshore southern UK, and onshore UK licences PEDL330 and PEDL345 (further details of which are set out in Appendix 1 below). The P1918 licence, includes the Colter discovery, adjacent to the largest onshore oil field in Europe, Wytch Farm, which has produced in excess of 450 million barrels of oil.

An appraisal well on the Colter structure is planned to be drilled in Q2 2018 and will cost approx. £7millon gross. United estimate their share of this to be £933,100. It is planned to drill this well up-dip of the Sherwood Sandstone discovery made by Well 98/11-3 in 1986. Although this new well will be drilled via an offshore jack-up, potential development is likely to be through the facilities at Wytch Farm via extended reach drilling.

Additionally, United and Corallian have established an Area of Mutual Interest ('AMI') for the area, enabling the partnership to identify and target further opportunities within the same play.

United Oil & Gas, Brian Larkin: 'We are very pleased to announce this deal and AMI agreement with Corallian. The Colter prospect is the same play that has been so productive at Wytch Farm, and joins our existing licence at Waddocks Cross, PL090, in the United portfolio. This, our second cluster of UK licences and fourth in total, gives United's shareholders access to a near-term, drill-ready target in a highly prospective region. We look forward to drilling of the well in Q2 2018.

We continue to evaluate further acquisitions and farm-in opportunities in order to grow our portfolio and deliver value for shareholders.'

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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