United Oil and Gas will consider Irish licence buys

Newly-floated exploration company United Oil and Gas (UOG) will consider acquiring licences offshore Ireland in the medium-term, after building cash reserves and executing a near-term expansion plan in mainland Europe.

Shares in the Dublin-based company — headed by former Tullow Oil executives Brian Larkin and Jonathan Leather — grew by 20% in initial trading yesterday as the company was readmitted to the London Stock Exchange following UOG’s recent reverse takeover of formerly quoted explorer Senterra Energy. That valued the company at around £6m (€6.7m), with it also raising an additional £3m through a stock placing.

UOG’s takeover of Senterra gave it a 20% stake in the Podere Gallina licence in the prolific gas region of northern Italy.