AIM-listed United Oil & Gas, the full-cycle oil and gas company with a portfolio of production, development, exploration and appraisal assets, has issued the following operations update in relation to its Jamaican asset.
Jamaica Update
United Oil and Gas has announced that the terms for a two-year extension to the Initial Exploration Period of the Walton Morant Licence in Jamaica, have been agreed with the Ministry of Science, Energy, Telecommunications and Transport ('MSETT'), pending final signature by MSETT.
Following final signature on an amendment to the Production Sharing Agreement ('PSA') the licence will run to 31 January 2026. United is committing to a programme of technical studies including piston core surveying and seismic reprocessing.
The Walton Morant licence is a 22,400 sq km offshore exploration block situated to the south of the island of Jamaica. The licence benefits from excellent data coverage, and this has helped provide compelling evidence for a working hydrocarbon system and defined multiple plays and material prospects within the acreage. An independent evaluation of 11 high-graded leads and prospects indicated the potential for a combined estimated 2.4 billion barrels unrisked mean prospective resources. The company is seeking a strategic partner to support its planned work programme, including piston core surveying and seismic reprocessing. This is expected to further de-risk the acreage, with a view to drilling the Colibri prospect - estimated to hold unrisked mean prospective resources of 406 million barrels.
United currently holds and operates a 100% equity interest in the Walton Morant Licence, Jamaica.
United Chief Executive Officer, Brian Larkin commented:
'We are very pleased to announce the agreement of terms for a two-year license extension in Jamaica. United has dedicated significant effort to the technical aspects of this asset, which has over 2.4 billion barrels of unrisked oil potential and the promising Colibri prospect. This extension will empower us to confidently continue our farm-out campaign, seeking a strategic partner to unlock the immense potential in this region. The support from the Government of Jamaica underscores our relationship and the optimistic industry outlook in Jamaica. We will continue to focus on the recent positive interest that has been shown by a number of parties, and with the extended licence, this is a significant opportunity for the benefit of all stakeholders.'
Source: United Oil & Gas
