AIM-listed United Oil & Gas, the full-cycle oil and gas company with a portfolio of production, development, exploration and appraisal assets, has announced the results of an independent contingent resources audit conducted by Gaffney, Cline & Associates on the Maria Discovery, in Licence P2519, located in the UK Central North Sea (CNS). United holds a 100% working interest in the licence.
Summary
- Mid-case 2C gross contingent resources for the Forties and Dornoch reservoirs of the Maria discovery are estimated at 6.3 mmbbls and 23.3Bcf (10.2 mmboe)
- The range of resources estimated at Maria ranges from 3.3 mmbbls and 13.2 Bcf (5.5 mmboe) in the 1C case to 11.1 mmbbls and 39.3 Bcf (17.7 mmboe) in the 3C case
Gross Field Contingent Resources Summary Table (as at 31st December 2022)
United Chief Executive Officer, Brian Larkin commented:
'The independent audit further validates the work produced by our inhouse technical team, providing an independent mid-case estimate of 10.2 mmboe contingent resources at the Maria discovery. The report highlights the value of our 100% interest in this late stage appraisal and development asset that has the potential to deliver significant near term value to our shareholders. We are making good progress on potential options to maximise shareholder value from this licence and will provide further updates in due course.'
About Licence P2519
Licence P2519 includes Blocks 15/18e and 15/19c and covers an area of c. 225 km2. The licence contains the existing Maria discovery in the Forties Sandstone, drilled by Shell/Esso in 1976, and is located near existing producing fields and infrastructure. The P2519 licence also contains two Jurassic discoveries, Brochel and Maol. Maol was drilled by Shell in 1987, and on test flowed at over 2,000 boepd.
Source: United Oil & Gas
