Business
Expands Portfolio With Benin Farm In
Expands Portfolio With Benin Farm In.
About this update from United Oil & Gas Plc
[{"type":"text","content":"\n \nRNS Number : 3829S United Oil & Gas PLC 11 March 2019 \n\nUnited Oil & Gas PLC / Index: LSE / Epic: UOG / Sector: Oil & Gas \n11th March 2019\nUnited Oil & Gas PLC (\"United\" or the \"Company\") \nFarms in to Bénin Licence\n \nUnited Oil & Gas Plc, the oil and gas exploration and development company, is pleased to announce that it has signed an option agreement with Elephant Oil Ltd (\"Elephant\") to farm in to their Block B onshore acreage in Bénin, potentially taking a 20% interest in the production sharing agreement (\"PSC\"). \n \nThe Bénin Onshore Block B is located in the Dahomey Embayment (Coastal Basin) and covers an area of 4,590 sq km (approximately 1.1 million acres). The Block is located to the west of Bénin's capital Cotonou continuing to the Togo border.\n \nThe Dahomey Embayment of onshore Benin is a frontier area, with no wells drilled in it to date. However, the licence is surrounded by prolific hydrocarbon producing regions, and there are excellent positive indications of a working petroleum system. Not only has a working system been demonstrated in the Shelfal area offshore Benin - with the Seme and Dahomey fields containing approximately 100mmbbls reserves, but wells drilled along the coast in the same Dahomey Embayment in onshore Ghana and Nigeria have encountered hydrocarbons. Indeed, oil and gas seeps have been reported from water wells within Benin Block B, and an extensive tar belt, potentially indicating the migration of oil through the targeted Cretaceous stratigraphy of Block B, has been reported to the north east of the area.\n \nAt this point, the Block B licence data is limited to a single seismic line and a CGG-acquired airborne Falcon Gravity Gradiometer survey. This data suggests the presence of numerous large structures in the licence, with the potential to hold >200mmbbls. The Allada structure has already been identified by Elephant Oil as a prospect. \n \nUnder the farm in option agreement, United have agreed to fund passive seismic and field studies up to a value of $175k. The completion of the passive seismic programme is being targeted for April. The goal of the proposed work programme will be to calibrate the depth to basement and obtain further information on the oil and gas seeps.&...