United Oil and Gas awarded Italian concession
London-listed United Oil & Gas has been granted approval to develop the Selva gas field in Italy.
Selva includes the Podere Maiar-1d appraisal/redevelopment well, where strong flow rates from testing operations confirmed a "significant" commercial gas discovery in January last year. United holds a 20pc interest in Selva.
"[This] is a significant milestone for United as commercial gas production at Selva is expected to generate significant cash flow for the company from 2020 onward," Brian Larkin, United Oil & Gas CEO, said. Founded in 2016, United initially raised funding through private investment.