Business
Corallian farmout agreement
Corallian farmout agreement.
About this update from United Oil & Gas Plc
[{"type":"text","content":"\n \nRNS Number : 9768B United Oil & Gas PLC 16 January 2018 \n\n 16 January 2018 \n \nUnited Oil & Gas Plc \nCorallian farmout agreement\n \nUnited Oil & Gas Plc (\"UOG\", \"United\" or the \"Company\"), the London Stock Exchange listed oil and gas exploration and development company, is pleased to announce an agreement to farm-in to the Corallian Energy Limited (\"Corallian\") interests in its southern UK oil and gas assets. \n \nUnited has entered into a farmout agreement with Corallian Energy Limited, 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 Limited (\"Corfe\") (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. \n \nCorallian 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. \n&n...