United Oil & Gas awarded two blocks in the UK North Sea, including Crown Oil discovery
DUBLIN -- United Oil & Gas Plc, the London Stock Exchange listed oil and gas exploration and development company, is pleased to announce that it has been provisionally awarded, in the UK Continental Shelf (UKCS) 30th offshore license round, two highly prospective blocks in the Central North Sea, including the Crown Oil discovery, which could contain up to 16 MMbbl of recoverable oil.
The Company has been provisionally awarded a 95% interest in Blocks 15/18d and 15/19b, which cover an area of c. 13.6 km2 and contain multiple targets. The blocks, which have been applied for in conjunction with private oil and gas exploration company Swift Exploration Ltd., are close to the substantial Piper, MacCulloch and Dumbarton/Donan oil fields.
Block 15/19b contains the Palaeocene Crown discovery, which was made following the drilling of well 15/19-9 in 1998 by ConocoPhillips. United’s internal estimates suggest a range in recoverable volumes for Crown of 4-16 MMbbl, with mid-case estimates of ~9 MMbbl.
The blocks have been awarded on the basis of a work program involving seismic reprocessing to reduce the uncertainty on the estimated oil volumes and to optimize the location of any future development well.
The license applications are part of the Company’s strategy to identify and acquire exploration/development plays that offer investors near term value trigger opportunities and significant value upside.
