Business
Licence Update – Waddock Cross Licence Extension
Licence Update – Waddock Cross Licence Extension.
About this update from United Oil & Gas Plc
[{"type":"text","content":"\n\nUnited Oil & Gas PLC / Index: AIM / Epic: UOG / Sector: Oil & Gas\n \n02 April 2024\nUnited Oil & Gas plc\n(\"United\" or \"the Company\")\nLicence Update - Waddock Cross Licence Extension\n \nUnited Oil & Gas Plc (AIM: \"UOG\"), the oil and gas company with a high impact exploration asset in Jamaica and a development asset in the UK is pleased to announce the following update in relation to Waddock Cross oil field in which United has 26.25% working interest.\n \nHighlights\n \n- 5-year extension to the PL090 Licence that contains the Waddock Cross oil field has been granted.\n- 57 million barrels of Stock Tank Oil Initially in Place.\n- Potential for the oil field to produce 500 to 800 barrels of oil per day (gross) with approximately 1 million barrels of gross recoverable oil when redeveloped with a new horizontal well.\n \nWaddock Cross Licence Extension\n \nUnited is pleased to announce that the North Sea Transition Authority (\"NSTA\") have signed a Deed of Variation relating to licence PL090 (which contains the Waddock Cross oil field) with the effect of extending the term of the Licence for another 5 years through to 31 March 2029.\n \nAs previously reported, Egdon Resources as the licence operator (the \"Operator\"), previously coordinated the completion of reservoir modelling work on Waddock Cross. From this work, the Operator estimates that Waddock Cross contains a significant Stock Tank Oil Initially in Place (STOIIP) volume of 57 million barrels of oil, and that a new horizontal well could yield commercial oil production of 500-800 barrels of oil per day (gross) and c. 1 million barrels (gross) of gross recoverable oil.\n \nEgdon Resources is progressing plans for redeveloping Waddock Cross, including advancing the required planning permissions and permit application.\n \nUnited Chief Executive Officer, Brian Larkin commented:\n \n\"As a company our near-term focus is on advancing the Walton Morant Licence in Jamaica and the Waddock Cross oil field in the UK, where we hold a 26.25% working interest.\nWe are delighted to announce that the North Sea Transition Authority (NSTA) has signed a Deed of Variation extending the term of Licence PL...