Business
Significant Upgrade to Italian Resources
Significant Upgrade to Italian Resources.
About this update from United Oil & Gas Plc
[{"type":"text","content":"\n \nRNS Number : 1724X United Oil & Gas PLC 26 April 2019 \n\nUnited Oil & Gas PLC / Index: AIM / Epic: UOG / Sector: Oil & Gas\n26 April 2019\nUnited Oil & Gas PLC (\"United\" or the \"Company\") \nSignificant Upgrade to United's Italian Resources \n \n· CPR commissioned by operator Po Valley has added significant resources to the Podere Gallina Licence, onshore Italy\n· Includes 14.1Bcf of additional gross Contingent Resources and a 74% increase in the unrisked mid-case gross Prospective Resources to 91.5 Bcf\n· CPR confirms the previously reported gross 2P Reserves of 13.3 Bcf assigned to the Podere Maiar-1 well (Selva Field)\n· First production from the Selva Field remains on schedule for 2020, targeting rates of 150,000 cubic metres per day\n \nUnited Oil & Gas Plc, the AIM-traded oil and gas exploration and development company, is pleased to announce a significant upgrade to the reported resources for the Podere Gallina Licence, onshore Italy. \nFurther to the RNS released on February 7 2019, a CPR covering all of the Podere Gallina Licence, including the Selva Malvezzi Production Concession has now been commissioned by Po Valley Energy Limited through consultants CGG. In addition to the gross 2P Reserves of 13.3Bcf that were previously reported, a further 14.1Bcf of gross 2C Contingent Resources, and 91.5Bcf of unrisked gross Prospective Resources have now been included in the resource inventory. United Oil & Gas holds a 20% economic interest in the Licence. \n \n\n\n\n\n\n\n \nPo Valley Energy Report - Podere Gallina Licence Summary\n\n\n\n\nReserves\n\n\nGross\n\n\nNet Attributable\n\n\nGross\n\n\nNet Attributable\n\n\nGross\n\n\nNet Attributable\n\n\n\n\n1P\n\n\nUnited 1P\n\n\n2P\n \n\n\nUnited 2P\n \n\n\n3P\n\n\nUnited 3P\n \n\n\n\n\n4.1\n\n\n0.8\n\n\n13.3\n\n\n2.7\n\n\n29.8\n\n\n6.0\n\n\n\n\nContingent Resources\n\n\n1C\n\n\nUnited 1C\n\n\n2C\n\n\nUnited 2C\n\n\n3C\n\n\nUnited 3C\n\n\n\n\n5.6\n\n\n1.1\n\n\n14.1\n\n\n2.8\n\n\n30.7\n\n\n6.1\n\n\n\n\nProspective Resources\n\n\nLow\n\n\nUnited Low\n\n\nBest\n\n\nUnited Best\n\n\nHigh\n\n\nUnited High\n\n\n\n\n54.3\n\n\n10.9\n\n\n91.5\n\n\n18.3\n\n\n194.8\n\n\n39.0\n\n\n\n \nNotes: 1. &...