United Oil and Gas competent persons report reveals promising results
Abraham Darwyne
Company News - 2 min read
12:29, 1st February 2019

United Oil & Gas (UOG) FOLLOW has revealed the results of a competent persons report (CPR) on its Crown Oil Discovery in the North Sea and its Waddock Cross Field in the Wessex Basin. 

The Crown Discovery was estimated to have 6.35 million barrels of proven and probable recoverable oil resources, while an updated CPR on Waddock increased its proven and probable recoverable oil resources to 1.55 million barrels.

"Since our inception, United has procured a portfolio of exceptional assets, normally beyond the scope of a company of this size.” Said United Oil & Gas CEO, Brian Larkin.

Shares in United Oil & Gas rose 6.5% following the News

The company said that the results were based on a conservative assessment of recovery, and that the data would be invaluable for the farm-out process, allowing greater certainty for potential investors. 

SP Angel, who act as Nomad and broker for United Oil & Gas said: “While at IPO the Company had Contingent Resources, focused on the Selva and Waddock Cross assets (Italy and United Kingdom respectively), this release effectively increases this number sixfold.” The company now has estimates of almost $80m NPV in place.

Brian Larkin said: “While we will continue to build our portfolio, adding licences where we see opportunity, 2019 will see a greater emphasis on unlocking the value of our asset base.”

“There will be an extensive operations programme, beginning imminently with the Colter drill and including further activity in Italy, moving to production in 2020”

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