Skip to main content

United Oil & Gas Plc.: Interim Financial Statements for the Period Ended 30 June 2018

Published by , Editor
Oilfield Technology,

United Oil & Gas Plc, the London Stock Exchange listed oil and gas exploration and development company, announces its results for the six months ended 30 June 2018.


  • Delivering on strategy to acquire and develop a multi-stage portfolio of low-risk development and appraisal assets in Europe and high-impact exploration licences in Latin America, the Caribbean and Africa.
  • Significant commercial discovery confirmed at Podere Gallina in Italy following strong gas flows on testing.
    • Mid-case gross recoverable volumes estimated at 525 000 Sm3 (~18Bcf / 3mmboe).
    • Development planning underway for a 150 000 m3 of gas per day facility with Exploitation Application licence submitted.
  • Farmed-in for 10% interest in oil and gas assets in the Wessex Basin, southern UK.
    • On course to participate in a well in Q4 2018 to appraise the Colter discovery which lies immediately to the south of Europe's largest onshore oil field at Wytch Farm.
  • Completion of 3D Seismic acquisition over Tullow Oil-operated Walton-Morant licence, offshore Jamaica which holds the high-grade 200 million bbls Colibri prospect.
    • Results of processing and interpretation of 3D seismic due in Q4 2018.
  • Awarded two blocks in the UK North Sea, including the Crown discovery, with estimates of up to 16 million barrels of recoverable oil.
  • Option secured to farm-in to offshore Block 49/29c UK Licence P2264 containing the Acle prospect.
  • Fully funded for share of current work programme across portfolio.
  • Former executive director of Tullow Oil, Graham Martin, appointed as Chairman, representing a major vote of confidence in United’s strategy and management team.
  • Completion of equity placing of £2.5 million at 4.25p per share on 20th April.
  • £3.0 million (gross) raised post-period end by an oversubscribed conditional placing and subscription of a total of approximately 54.5 million shares at 5.5p per share, with warrants attached on a 3 warrants for 4 shares basis at a strike price of 8p. The funds will be used to pursue new projects.

United Oil & Gas Plc CEO, Brian Larkin, said, "This has been an active period for United which has set us up for an exciting remainder of 2018. A number of high-impact news flow items are pending including our participation in an appraisal well in the Wessex Basin in the UK; results from a 3D seismic programme completed at our offshore Jamaica project; the commencement of a seismic programme to further unlock the value at the Podere Gallina discovery in Italy; and potential farm-in activity at our North Sea assets, in which we have a 95% interest. We continue to assess high-quality assets that have clear lines of sight to near-term activity to enhance our portfolio which has seen considerable growth during this period. We are committed to maintaining the momentum that has been built and I look forward to updating shareholders on the multiple value-adding events occurring over the coming months.”

Read the article online at:

You might also like

Significant UK gas reserves used through flaring and venting

The UK has lost about 13 billion cubic metres (bcm) of indigenous gas reserves through flaring and venting over the past 10 years, exposing oil and gas operators to £2.6 billion in lost gas sales and £1 billion in Emissions Trading System (ETS) payments.


Embed article link: (copy the HTML code below):


This article has been tagged under the following:

Upstream news