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, has announced the findings of an independent Risking Review Study by Iapetus Geoscience that highlights the value of the planned Surface Geochemical Exploration ('SGE') survey, including piston coring, at the Walton Morant Licence offshore Jamaica.
This Study provides compelling evidence that the SGE survey could materially de-risk the Walton Morant Licence. A successful piston coring programme could significantly increase the Geological Chance of Success ('GCoS') across multiple high-impact prospects and leads by validating the presence of an active petroleum system in the licence area.
Key Findings: Material Risk Reduction from Future Piston Coring Results
The summary conclusion is that successful piston coring would:
- Increase the GCoS at Colibri prospect to 32% - uplifting from the previous 19% estimate (GaffneyCline, 2020)(1)
- Raise the GCoS at the Oriole prospect to 21% from 13% (GaffneyCline 2020) (1)
- Confirm that a working petroleum system exists offshore Jamaica that is already verified onshore
- Similar uplift in GCoS would be anticipated across the prospectivity of the broader Walton and Morant basins
These outcomes would substantially improve pre-drill confidence and de-risk the licence at scale. The full Risking Review Study report is available on United's website.
Importantly, the independent review itself strengthens the technical case for Walton Morant, enhancing its attractiveness to potential farm-in partners. The uplift scenarios highlight how future technical work can further de-risk the basin, supporting United's strategy of continuous technical de-risking to underpin commercial engagement.
Brian Larkin, CEO of United Oil & Gas, commented:
'We are very encouraged by the findings of this independent study, which reinforces our belief that our Jamaican licence is a world-class yet underexplored opportunity.
A 1-in-3 Geological Chance of Success at Colibri would be exceptional for frontier exploration, with the uplift indicative of broader basin potential. Even at this stage, the independent review itself enhances the technical case for Walton Morant and increases its appeal to potential farm-in partners.
Interest from potential farm-in partners continues, supported by Walton Morant's multiple drill-ready prospects with an estimated 7.1 billion barrel of potential(2). Alongside recent permitting progress, this independent validation underscores both the technical momentum and enormous commercial opportunity as we advance farm-out discussions and preparations for future activity.'
About the Study
The review assessed the current GCoS at the Colibri and Oriole prospects and modelled how surface geochemical exploration, particularly piston coring, could enhance those chances. Uplift would come from detecting thermogenic hydrocarbons in seabed samples, thus providing direct evidence of an active source rock and effective migration pathways within the licence area.
The planned SGE work involves collecting 40-60 piston core samples, supported by high-resolution multibeam echosounder (MBES) mapping of the seabed. Additional heat probe data acquisition will also help to refine basin modelling.
The study was commissioned from Iapetus Geoscience Limited, an independent geoscience consultancy with more than 35 years' experience in petroleum exploration, basin risking and geochemical analysis projects for NOCs, IOCs and supermajors in both frontier and mature regions worldwide.
(1) Prospective Resources Report by Gaffney Cline & Associates (GaffneyCline), December 2020.
(2) Based on UOG's arithmetic sum of the Unrisked Mean or Mid-Case Prospective Resources for each prospect or lead identified within the Walton Morant Licence boundary by UOG and/or previous operators
Source: United Oil & Gas
