UEN Urals EN.

RNS No 9410v
UNITED ENERGY PLC
21st January 1998

United Energy plc announces that its wholly owned subsidiary, AmBrit Energy
Corp ("AmBrit") has acquired an average 9.2% working interest in five
producing wells and an overriding royalty interest in two additional wells
located in four contiguous counties in Southwest Mississippi from Swift Energy
for a cash consideration of $US 410,000.

The properties include:

A 10% working interest in the Holiday Field, Adams County, which contains one
well producing gas and oil from the Lower Tuscaloosa "A" sand at 11,030 ft. 

A 6% working interest in an oil and gas producing well together with a salt
water disposal well in the Berwick Field, Amite County.  In addition, a small
over-riding interest in the Berwick A-1 well has been acquired. 

A 10% working interest in two oil and gas wells in the Luxor Field, Franklin
County, producing from the Lower Tuscaloosa "A" and "B" sands at around 10,500
ft.
 
An average 9.8% working interest in the Rollins 42-5 No.1 well in the South
Centerville Field, Wilkinson County,  producing gas and oil from the Lower
Tuscaloosa "A" sand at around 13,200 ft. In addition, a small over-riding
interest in the Rollins 42-1 No.1 well has been acquired. 


The acquisition is projected to add 45 boepd of net production with the
additional potential upside.  Net proved reserves are estimated at over 70
mboe.  The properties are operated by Swift Energy.

The acquisition provides a low well count opportunity to add reserves over and
above those sold in AmBrit's recent disposal of the AWP properties.  This has
been achieved at a cost equivalent to half the sale price in terms of price
paid per net boepd of production, realised on the AWP disposal. 

 


Contact:        Nick Tamblyn, Chief Executive - 01242 253773
       Derek Howard-Orchard, Group Technical Director - 01242 253773


END



ACQKLGZMLMNLRMG

Urals Energy (LSE:UEN)
Gráfica de Acción Histórica
De Jun 2024 a Jul 2024

Urals Energy (LSE:UEN)
Gráfica de Acción Histórica
De Jul 2023 a Jul 2024