Business
Option Agreement to Farm into Licence P2264
Option Agreement to Farm into Licence P2264.
About this update from United Oil & Gas Plc
[{"type":"text","content":"\n \nRNS Number : 7260C United Oil & Gas PLC 24 January 2018 \n\n 24 January, 2018 \n \nUnited Oil & Gas Plc \nOption Agreement to Farm into Licence P2264\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 a no cost option agreement to farm into offshore Block 49/29c UK Licence P2264 which contains the Acle prospect (\"Option Agreement\"), jointly owned by Swift Exploration Limited (\"Swift\") (50 per cent.) and Stelinmatvic Industries Ltd (\"Stelinmatvic\") (50 per cent.). \n \nThe Acle prospect is a clear 2.5 km2 four-way dip closure with further fault-bounded upside. Like most fields in the Southern North Sea, the reservoir is located in the Permian Rotliegendes formation and the Acle structure is located in close proximity to several significant producing gas fields including Gawain, Davy, Sean and Boyle. Acle is a low risk exploration prospect as a function of its four-way dip closure in a proven hydrocarbon fairway. As such, it has been ascribed a high chance of drilling success. \n \nOn exercise of this Option Agreement, United will sign a farm-in agreement with Swift and Stelinmatvic and will acquire 24 per cent interest in the licence, being 12 per cent from each of Swift and Stelinmatvic. For the co...