United holds a 100% working interest in a production sharing contract
that holds four blocks
United paid USD$92.24 million for these exploration and development blocks
Initial exploration period of five years may be renewed for three years
subject to 50% relinquishment and a further $5 million work committment
Cost recovery is 70% of net after royalty production
with the remaining 30% going to a profit oil stream
encompasses a total of 1,773,440 acres.
United Hydrocarbon anticipates commencement of drilling around the end of 2013
or early 2014
Drilling will focus on the Doba Basin
Targeting prospects near the Belanga discovery
The M'Biku discovery could be flow tested before
the end of 2014.
encompass a combined 600,957 acres