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 appointment of NRG Well Management to undertake a drilling rig and long-lead availability study.
Highlights:
- Supporting the Farm-out Process: Provides current market-based operational planning data to inform the Company's ongoing farm-out discussions.
- Advances Drilling Readiness: NRG engaged to assess rig availability, market day rates, and procurement schedules, establishing key enablers for potential drilling.
- Targeting High-Impact Prospects: Focused on capability for drilling the Colibri prospect (406 MMbo² mean prospective resources) and potential follow-on drilling at the Thunderball lead (603 MMbo² mean prospective resources).
The study advances operational planning for a potential future exploration drilling programme on the Company's Walton-Morant Licence, offshore Jamaica, which contains over 7 billion¹ barrels of prospective resource potential. NRG will engage directly with international rig contractors and supply chain vendors to evaluate:
- Rig Availability: Direct market engagement to assess rig suitability, availability, indicative commercial rates, and mobilisation factors for offshore drilling rigs.
- Dual-Target Suitability: Technical capability for Colibri (c. 750m water depth) with additional assessment for deep-water drilling at Thunderball (c. 1,900m water depth).
- Long-Lead Equipment & Critical Well Services: Assessment of key long-lead drilling equipment and critical well service packages, and indicative procurement timelines.
- Logistics Network & Supply Chain: Screening of regional supply chain and logistics support infrastructure across the Gulf of Mexico, Guyana, Suriname and Trinidad, alongside Jamaican port readiness.
NRG Well Management is a leading provider of international well engineering and project management services, with a focus on delivering safe and efficient operations across the full life cycle of exploration, appraisal, development, production, and decommissioned wells.
The commissioning of 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.
The Company expects the study to be completed in the coming weeks and will update the market on its findings in due course. Furthermore, a summary of the Company's Walton-Morant licence prospect and lead portfolio, including Colibri and Thunderball, is provided in the appendix to this RNS.
Donal Meehan, Chief Operating Officer, commented:
'This drilling study marks an important step in our operational planning to advance the Walton-Morant Licence towards a potential future drilling programme. It will provide a current, market-based assessment of rig suitability, availability, commercial conditions, and the long-lead items required to drill Colibri and Thunderball or similar targets.
Colibri and Thunderball represent substantial exploration opportunities within the Licence, with a combined potential of over 1 billion barrels3 of mean prospective resources out of the 7 billion barrels1 of prospective resources identified on the licence to date.
By undertaking this study now, we are positioning the Company for operational readiness ahead of future drilling, whilst providing valuable information to support our on-going work as we push to conclude the Jamaican farm-out process. We look forward to updating the market with the study results in the coming weeks.'
Click here for full announcement, including Walton-Morant Asset Overview
Source: United Oil & Gas
