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CPR for Selva Gas Field, Onshore Italy
CPR for Selva Gas Field, Onshore Italy.
About this update from United Oil & Gas Plc
[{"type":"text","content":"\n \nRNS Number : 3066P United Oil & Gas PLC 07 February 2019 \n\nUnited Oil & Gas PLC / Index: LSE / Epic: UOG / Sector: Oil & Gas\n7 February 2019\nUnited Oil & Gas PLC (\"United\" or the \"Company\") \nCPR for Selva Gas Field, Onshore Italy\n \nHighlights\n· Gross 2P reserves of 13.3BCF assigned to Selva Gas Field by CGG following reclassification of previously reported gross contingent resources ('2C') \no Equates to 2.7BCF of net 2P reserves attributable to United\n· Represents United's first reserves and follows successful drilling and testing of Podere Maiar well ('PM-1') in January 2018\n· Selva Gas Field on course to commence production in 2020 - preliminary award of production concession received in January 2019\n \nUnited Oil & Gas Plc, the London Stock Exchange listed oil and gas exploration and development company, is pleased to announce the results of an independent Competent Person's Report ('CPR') prepared by CGG Services (UK) Limited ('CGG') covering the Selva Gas Field ('the Selva Field' or 'Selva'), onshore Italy, including a reclassification of previously reported gross contingent resources ('2C') to the higher confidence and more valuable category of 2P (proven plus probable) reserves of 13.3BCF. United holds a 20% interest in Selva which sits within the Podere Gallina Exploration Permit ('Podere Gallina' or the 'Licence'), located in the Po Valley region of Italy, a proven hydrocarbon region where over 5,000 wells have been drilled historically.\n \nThe CPR was completed by CGG following positive flow testing of the Podere Maiar-1 well ('PM-1') from two targeted reservoirs in January 2018. \n \n\n\n\n\n \n\n\nSelva Gas Field Reserves (BCF)\n\n\n\n\n1P\n\n\n2P\n\n\n3P\n\n\n\n\nGross\n\n\n4.1\n\n\n13.3\n\n\n29.6\n5.9\n\n\n\n\nNet to United\n\n\n0.8\n\n\n2.7\n\n\n\n\n \nAs well as Selva, there is additional prospectivity within the Podere Gallina Licence, including the Selva East, Selva South Flank, Fondo Pierino, Cembalina and Riccardina structures. The partners plan to acquire 3D seismic data over these additional structures, the results of which will inform further development drilling activity at Podere Gallina. Gross prospective resources for the Selva...