United Oil & Gas extends option over additional farmed interest in southern UK oil and gas assets

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United Oil & Gas extends option over additional farmed interest in southern UK oil and gas assets

The company pointed out that the option, which expired at the end of March 2018, has been renewed to the end of April 2018 on the same terms whilst the company awaits the transfer of the assigned initial interest from the UK Oil and Gas Authority which is imminent.

United Oil & Gas Plc (LON:UOG) has announced the extension of an option over the right to purchase an additional farmed interest in the Corallian Energy Limited interests in its southern UK oil and gas assets.

The LSE main market-listed oil and gas exploration and development company pointed out that the option, which expired at the end of March 2018, has been renewed to the end of April 2018 on the same terms whilst the company awaits the transfer of the assigned initial interest from the UK Oil and Gas Authority which is imminent.

United O&G announced on 16 January 2018 that it had entered into a farm-out agreement with Corallian, a private UK oil and gas appraisal and exploration company.

Under the agreement, United O&G agreed to acquire an initial 10% interest from Corallian in each of three licences held by a joint venture between Corallian (60%) as operator and Corfe Energy Limited (40%) offshore and onshore southern UK, by way of paying 13.33% of the costs associated with the Colter well, planned for the second and third quarters of 2018.

In addition, an option was granted under which United O&G can exercise a right to purchase an additional 10% interest in these licences on the same terms as the Initial Farmed Interest – that is by paying Costs.

Brian Larkin, United O&G’s chief executive officer commented: “This licence fits with our European strategy of building a portfolio driven by low risk, near-term activity. We continue to look to build value and the extension of the option on this exciting play is important for our shareholders.”

United O&G shares held steady at 5.02p in early morning trading.

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