AIM-listed United Oil & Gas has formally submitted the permitting application for the piston core survey at its Walton-Morant exploration licence to the National Environmental and Planning Agency ('NEPA') in Jamaica.
The application marks a key milestone in United's forward work programme. The process took longer than anticipated due to enhancements to the technical scope and the need to finalise and align all supporting documentation to the satisfaction of the regulator.
The piston core survey will involve the collection of 40 to 60 seabed sediment (mud) samples from the Walton and Morant basins using a long, cylindrical piston corer designed to penetrate the seafloor and retrieve undisturbed score samples from the seafloor. These samples will undergo detailed geochemical analysis to improve understanding of the hydrocarbon generation potential and reservoir quality across the licence area.
To aid in selecting viable seabed locations, a Multibeam Echosounder (MBES) survey is planned over certain deeper areas of the licence, particularly in regions of the Morant Basin not currently covered by 3D seismic data.
In addition, the survey will include a heat probe analysis at selected locations to measure background heat flow and sediment thermal conductivity. This data will support refined basin modelling and petroleum system analysis - helping to identify and prioritise areas most likely to host commercial hydrocarbon accumulations.
The Walton-Morant Licence covers 22,400 sq km and contains over 40 identified leads and prospects. Eleven of these have been independently certified by Gaffney Cline and estimated to be holding over 2.4 billion barrels of unrisked mean prospective resources.(1) United's internal estimates suggest the total exploration potential could exceed 7 billion barrels across the licence area.(2)
The piston core survey is expected to form part of the farm-out, offering potential farm-in partners a defined pathway to early-stage participation in the Walton-Morant Licence. Designed to further de-risk what the Company believes to be one of the most compelling frontier exploration opportunities globally, the programme has already attracted interest from engaged parties under NDA. Our strategy on delivering the execution of the piston core survey will form part of the ongoing farm-out efforts.
Brian Larkin, CEO of United Oil & Gas, commented:
'We are pleased to confirm the submission of the permit application for our piston core survey. While the process took longer than anticipated, it reflects the expanded technical scope and our desire to maximise the value of the programme. This survey will deliver valuable data to further de-risk the Walton-Morant Licence, and support our efforts to unlock the value of what we believe is a potentially world-class frontier basin.'
1. Unrisked Mean Prospective Resources as per Gaffney Cline report 'Prospective Resources Audit, Walton-Morant Licence, Jamaica' dated 4 December 2020
2. Based on United'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 United and/or previous operators
Source: United Oil & Gas
