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, notes that the National Environment and Planning Agency (NEPA) in Jamaica has published its decision to grant an Environmental Permit and a Beach Licence in relation to the planned offshore technical programme within the Walton Morant Licence.
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.
United is currently awaiting formal receipt of the permits and will undertake a detailed review upon arrival. A further update will be provided to the market in due course.
Brian Larkin, Chief Executive Officer of United Oil & Gas, commented:
'We welcome NEPA's publication and view it as a positive indication of progress toward the next technical phase at Walton Morant. While we await the formal documentation, this is a significant milestone in our planning for the offshore programme and supports our strategy to advance the licence and unlock its value through disciplined technical work and industry engagement.
These developments play an important role in our ongoing farm-out process, which continues to attract interest from credible counterparties. Walton Morant remains one of the few frontier licences with multi-billion-barrel potential and proximity to existing infrastructure in a stable jurisdiction near the US Gulf Coast.'
Warrant Extension
The Company also announces its intention to extend the expiry date of 166,666,667 warrants exercisable at 0.28 pence per share. These warrants will now expire on 31 December 2025, instead of 30 June 2025. All other terms of the warrants will remain unchanged.
The extension maintains the potential for additional non-dilutive funding to be realised over the coming months, as the Company continues to advance its strategy and seeks to unlock value across its asset base.
1 https://www.nepa.gov.jm/sites/default/files/2025-06/Board_Decision_17_June_2025.pdf
Source: United Oil & Gas
