United Oil & Gas extends farm-in option for interest in Corallian Energy
Thursday, Apr 05, 2018
United Oil & Gas Plc ("UOG", "United" or the "Company"), has announced the extension of an option over the right to purchase an additional farmed interest in the Corallian Energy Limited ("Corallian") interests in its southern UK oil and gas assets.

On 16 January 2018 United announced it had entered into a farmout agreement with Corallian Energy Limited, a private UK oil and gas appraisal and exploration company.  Under this agreement United 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 ("Corfe") (40%) offshore and onshore southern UK ("Initial Farmed Interest"), by way of paying 13.33% of the costs associated with the Colter well, planned for Q2/Q3 2018 ("Costs"). In addition, an option was granted under which United 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).    

This option expired at the end of March 2018, but 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, Brian Larkin

"We look forward to the drilling of the Colter well. This license 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."

For more information, please visit: https://www.uogplc.com/

For additional information on this project, please visit our ProjectsOGP database
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