UK-based firm United Oil & Gas (UOG) is set to commence drilling of the Podere Maiar well in the Podere Gallina licence in Italy next month.
The development follows the company securing an extension of the Podere Gallina licence until 3 February next year.
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
Drilling is scheduled to begin from 13 November and will take around five weeks to complete.
In case the drilling campaign yields positive outcome, well-testing will be carried out.
United Oil & Gas CEO Brian Larkin said: “We are very pleased with the execution of the Podere Gallina work programme to date, and we look forward to spudding United’s first well. This will be an important milestone in the development of the company.
“United has a clear strategy of acquiring, developing and unlocking the value of low-risk projects in Europe, while seeking high impact exploration opportunities in Africa and Latin America. This first well is an important step in implementing that strategy.”
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataIn May this year, the company signed a farm-in agreement over the Podere Gallina with Po Valley Energy’s (PVE) subsidiary Po Valley Operations (PVO).
As per the agreement, PVO agreed to sell up to 20% interest in the Podere Gallina exploration licence held by PVE to UOG.
In exchange for the interest, UOG was required to raise at least £3m and currently holds a 20% stake, following the satisfaction of the condition.
UOG needs to fund 40% of the cost of the Podere Maiar appraisal well that is expected to be drilled in the fourth quarter of this year.
The Podere Maiar well is said to have base-case net resources of 0.57mmboe.
PVE, which obtained the exploration licence in September 2008, is the operator, with an 80% working interest.
