An independent oil and gas start-up is poised to spud its first well.
United Oil and Gas (UOG) was formed in 2015 by a former Tullow Oil team.
Both chief executive Brian Larkin and chief operator officer Jonathan Leather worked with the operator.
The firm has snapped up stakes in two licences, one on the south coast of England and one in the Po Valley in northern Italy.
UOG completed a farm-in agreement with Po Valley Energy (PVE) to acquire a 20% working interest in the licence in July.
UOG announced today that it will soon be in a position to begin the drilling of the Podere Maiar well.
Drilling is expected to start on November 13 and will take around five weeks to drill.
Well-testing is planned in the case of success, and will be undertaken once drilling operations have been completed.
Mr 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.”
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