DUBLIN, Ireland – United Oil & Gas (UOG) has an agreement to farm into block 49/29c/license P2264 in the UK southern North Sea, which contains the Acle prospect.
The current license co-owners are Swift Exploration and Stelinmatvic Industries.
Acle is a 2.5-sq km (0.96-sq mi) four-way dip closure with further fault-bounded upside, with the reservoir located in the Permian Rotliegendes formation. It is also conveniently close to several producing gas fields including Gawain, Davy, Sean, and Boyle.
UOG views it as a low-risk exploration prospect, with a high chance of providing a discovery.
The company plans to take a 24% stake in the license, in return paying 30% of the costs of drilling of the first exploration well.
In addition, it will pay £20,000 ($28,443) in cash to each partner on concluding the agreement.