An energy company led by former Tullow Oil executives has recorded "positive results" after drilling one of its wells in Italy.
United Oil & Gas, the London-listed explorer, has drilled its well on the Selva Gas field in Italy with the results indicating a "thick gas-bearing reservoir".
"We are very pleased with these initial well results, which confirm the significant potential in the Selva Field. We are looking forward to successfully completing the well operations, and commencing the rigless testing shortly," said Brian Larkin, the company's chief executive.
That rigless testing is planned for early January as the company targets well completion to be finished by the middle of December.
The gas field in question is majority owned by Po Valley Energy, with 60 per cent, while United holds 20 per cent and Prospex Oil and Gas holds 17 per cent.
Aside from its interests in Europe, United was established to explore and develop low risk assets in North Africa and develop higher risk projects in Latin America and Africa.
