Crude Oil (WTI)

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XD0015948363

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United Oil & Gas confirms oil field license extension

April 02, 2024 at 06:54 am EDT

(Alliance News) - United Oil & Gas PLC said on Tuesday that the Waddock Cross licence has been extended by regulators for an additional five years through to March 31 2029.

The London-based oil and gas exploration company has a 26% working interest in the UK onshore oil field which according to recent modelling work conducted by the licence operator, Egdon Resources, contains a total volume of 57 million barrels of oil.

United's Chief Executive Officer Brian Larkin said: "We believe that a new horizontal well at Waddock Cross could yield commercial oil production of 500-800 barrels per day (gross) and approximately 1 million barrels (gross) recovery."

The operator continues to work towards redeveloping Waddock Cross and is currently advancing the necessary planning permissions and permit applications.

United shares were down 5.0% to 0.18 pence each in London on Tuesday morning.

By Elijah Dale, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Stocks mentioned in the article

Add to a list Add to a list 0 selected To use this feature you must be a member Log in Sign up	Price	Change	5d. change	Capi.
BRENT CRUDE OIL SPOT	82.84 USD	-0.98%	-5.83%	-
WTI	77.89 USD	-1.44%	-6.85%	-
UNITED OIL & GAS PLC	0.2 GBX	0.00%	+21.21%	2.89M

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