United Oil & Gas confirms that further to the announcement of 5 June 2019, it has accepted the formal offer from the Oil and Gas Authority, the UK oil and gas regulator, of a 100% interest in Blocks 14/15c, 15/11c, 15/12a, and 15/13c (Licence P2480), with the licence term beginning 15 July 2019.
The four highly prospective blocks in the Central North Sea cover an area of c. 500 sq km, and include the Zeta prospect, which United estimates could contain over 90 million barrels of in-place oil. The Blocks, which lie 10km from United’s Crown Discovery, are close to the Marigold and Yeoman discoveries and the substantial Piper, MacCulloch and Claymore oil fields.
The Blocks have been awarded on the basis of a low-cost work programme involving the purchase of an existing high-quality 3D seismic dataset and detailed geological and geophysical analysis. This analysis is planned to better quantify the chance of success and reduce the uncertainty on the estimated oil volumes, ahead of making a drilling commitment.
In the same licencing round, United was Provisionally awarded 10% interest in Blocks 98/11b and 98/12 in the English Channel, which lie contiguous with United’s 10% interest in the Colter P1918 Licence and contain the Ballard Point discovery and the eastern portion of the Colter South discovery. The Company expects to receive confirmation on these licences in the coming weeks and will provide an update on this in due course.