United Oil and Gas confirms award of two 'highly prospective' North Sea blocks

The award of blocks 15/18d and 15/19b in the North Sea, which includes the Crown Oil Discovery and an estimated 16m barrels of recoverable oil, was given to United by the UK oil and gas regulator on Thursday.

United said it was now ready to kick-off discussions with potential farm-in partners and was already receiving interest from several parties - highlighting the quality of the asset.

United's chief executive, Brian Larkin, said, "A number of factors including the existing multi-million barrel oil discovery, multiple leads and targets, an excellent location close to substantial oil fields, and the attractive cost profile of exploration and production in the North Sea all culminate to position these licences as compelling investment opportunities."

As of 0835 BST, United shares had shot up 7.98% to 5.34p.