Jamaica: United Oil & Gas announces positive Drill Rig study results for the Walton Morant licence, offshore Jamaica

AIM-listed United Oil & Gas, the oil and gas company with a high-impact exploration asset in Jamaica and a development asset in the UK, is pleased to announce positive results from the drilling rig and long-lead availability study undertaken by NRG Well Management ('NRG') for the Walton Morant licence, offshore Jamaica. The Study was progressed in parallel with, and in support of, the Company's farm-out process. United's immediate focus is firmly on concluding its ongoing farm-out discussions.

The Study identifies a clear pathway to delivering a future exploration campaign: a substantial rig pool, key long-lead requirements outlined, and a Jamaica-based logistics model identified.

Highlights:

• Supports farm-out process: provides potential farm-in partners clarity on the execution pathway for a future exploration campaign
• Substantial rig pool identified: a double-digit pool of suitable available rigs all assessed against capability, timing and regional positioning
• Campaign flexibility retained: covers the key Colibri target well (406 MMbo¹) and the deeper-water Thunderball follow-on (603 MMbo¹), a combined 1,009 MMbo² of mean prospective resource that could be targeted in a single exploration campaign
• Jamaica-based logistics model identified: combines local port infrastructure and services with specialist regional offshore services
• Long-lead requirements outlined: identifies critical equipment, sourcing options and procurement timelines

Brian Larkin, Chief Executive Officer, commented:

'The completion of this study is an important step forward for the Walton-Morant licence. It supports our ongoing farmout process, providing practical insight into rig and equipment availability and critical path items required to access the greater than 1 billion barrel mean prospective resources contained within Colibri and Thunderball, representing two targets within our portfolio of 40 leads and prospects containing over 7.2 billion barrels3 of prospective resources.

The Study has identified a substantial pool of rig candidates relevant to our potential drilling window, assessed key long lead items and outlined a Jamaica based logistics solution for potential future operations.

This gives prospective farm-in partners immediate, practical and usable information on the potential delivery of a future exploration campaign on the Walton-Morant licence.

With this work now complete, our immediate focus remains on concluding the farm-out process.'

Rig Market and Campaign Flexibility

The Study assessed the relevant offshore drilling market across established international drilling contractors and high-graded a double-digit pool of rig candidates for potential alignment with the potential drilling window. The breadth of the identified rig pool provides flexibility around future rig selection and campaign planning, and positions United and future partners to respond to rig opportunities as they become available from regional drilling programmes.

The assessment covers Colibri, in approximately 750 metres water depth, and Thunderball, a potential follow-on well in approximately 1,900 metres water depth. Colibri has mean prospective resources of 406 MMbo1, while Thunderball has mean prospective resources of 603 MMbo1 and forms part of a wider series of large, tilted fault-block structures in the Morant Basin.

Jamaica and Regional Logistics

The Study identifies a Jamaica-based logistics model combining existing port and commercial infrastructure with specialist offshore services and equipment sourced from established regional hubs. Existing Jamaican capabilities identified include port and project cargo operations, storage and laydown, heavy lifting, marine fuel supply, customs and freight forwarding. These can be complemented by specialist offshore services sourced from established regional centres.

Long-Lead Equipment

The Study has outlined the principal long-lead requirements for future drilling. Direct supplier engagement has clarified equipment availability, sourcing options and procurement timelines, enabling United and future partners to align procurement with target drilling windows.

This Study is a forward-planning and market assessment review and does not constitute a commitment, at this time, by United to drill a well. Any potential future drilling programme would be subject to, amongst other matters, the receipt of all necessary regulatory approvals from the Government of Jamaica and execution of commercial agreements.

 Appendix

Colibri Prospect:

Source: UOG Interpretation of Walton Morant Seismic data

Thunderball Lead:

Source: UOG Interpretation of Walton Morant Seismic data

Table 1: Over 7 Billion bbls is UOG’s arithmetic sum of the Unrisked Mean/Mid-Case Prospective Resources for each prospect/lead identified within the Walton-Morant Licence boundary by UOG and previous operators.

 Footnotes

¹ Gross Unrisked Mean Prospective Resources per GaffneyCline Report, 2020

2 UOG's Arithmetic sum of the GaffneyClines' Gross Unrisked Mean Case Prospective Resources for Colibri (406 MMbo) and Thunderball (603 MMbo)

3 Over 7 Billion bbls is UOG’s arithmetic sum of the Unrisked Mean/Mid-Case Prospective Resources for each prospect/lead identified within the Walton-Morant Licence boundary by UOG and previous operators

Original announcement link

Source: United Oil & Gas