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United Oil & Gas PLC on Thursday announced the results of an independent contingent resources audit conducted by Gaffney, Cline & Associates Ltd for its Maria discovery in the UK central North Sea.
The London-based oil and gas firm with assets across Egypt and the UK, plus an exploration licence in Jamaica, estimated a mid-case 2C gross contingent resources for the Forties and Dornoch reservoirs of 6.3 million barrels of oil and 10.2 million barrels of oil equivalent.
United Oil holds a 100% working interest in licence P2519, in which the Maria discovery is located.
The company said the range of resources estimated is between 3.3 million barrels and 13.5 billion cubic feet - which is 5.5 million barrels of oil equivalent - in the 1C case, to 11.1 million barrels and 39.3 billion cubic feet in the 3C case.
Chief Executive Officer Brian Larkin said: ‘The independent audit further validates the work produced by our in-house 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.’
United Oil & Gas shares were up 2.1% trading at 1.10 pence per share on Friday morning in London.
By Harvey Dorset, Alliance News reporter
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