United Oil & Gas Plc (LON:UOG) advised traders that talks with potential companions can now begin, as its new North Sea asset awards have now been confirmed.
“Confirmation of the award allows us to pursue farm-out discussions with potential companions with whom we will work to take these licences ahead,” mentioned Brian Larkin, United chief govt.
“Blocks 15/18d and 15/19b are the most recent additions to our portfolio of late-stage appraisal/growth tasks in Europe and high-impact exploration performs in Latin America, Africa and the Caribbean.
“All our licences have outlined paths to near-term worth driving exercise reminiscent of drilling and manufacturing, providing a number of re-rating alternatives.”
United highlighted important rising curiosity within the North Sea “a sexy low-cost hydrocarbon jurisdiction” because it launches its farm-out efforts.
“A variety of components together with the present multi-million barrel oil discovery, a number of leads and targets, a superb location near substantial oil fields, and the enticing value profile of exploration and manufacturing within the North Sea all culminate to place these licences as compelling funding alternatives,” Larkin mentioned.
Looking throughout the corporate’s portfolio, the United boss added: “With drilling operations on the UK close to shore Colter discovery, which lies in the identical play because the prolific Wytch Farm discipline, because of start in This fall 2018, traders is not going to have to attend lengthy for the subsequent potential worth set off occasion.
“Together with outcomes of processing work to de-risk the Colibri goal on the Tullow Oil-operated Walton-Morant licence offshore Jamaica, which has been estimated to carry gross mean-case potential sources of over 200mmbbls, and the continuing allowing course of to carry our onshore Italy gasoline discovery into manufacturing, the subsequent few months promise to be an thrilling interval for United.”
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