Gulf Oil and Gas accountACCOUNT

United Oil & Gas Announces Update on Walton Morant Licence, Offshore Jamaica

Source: www.gulfoilandgas.com 1/14/2020, Location: South America

United Oil & Gas PLC, the AIM traded oil and gas exploration and development company, has announced that the Production Sharing Agreement on the Walton Morant Basin, Jamaica, operated by Tullow Jamaica Ltd ('Tullow'), and in which United has a 20% interest, has been amended to extend the Initial Exploration Period during which a drill or drop decision is required for a further six months. Tullow Jamaica Ltd is a wholly owned subsidiary of leading independent oil and gas exploration and production company Tullow Oil plc.

The Initial Exploration Period was due to expire on the 31st January 2020, at which point a commitment to drill an exploration well would have been required to move into the next phase of the licence. With the extension to the Initial Exploration Period, the Joint Venture now has until the 31st July 2020 before the drill-or-drop decision is required.

A Joint Venture farm-down effort being led by Tullow (operator and 80% equity holder) is in progress, with the aim of bringing in an additional partner(s) for exploration drilling in 2021 on the Colibri prospect. A number of interested parties are continuing their evaluations of the licence data, and the extension was granted to provide sufficient time for these to be completed. The extension does not require any additional work programme commitments.

Brian Larkin CEO, United Oil and Gas PLC:

"We are very pleased with the extension that has been granted. We have seen additional interest in the licence towards the end of 2019, and this extension will allow those parties to fully evaluate this excellent opportunity."

"We continue to be excited by the exploration potential in this super wild-cat area - not just in the Colibri prospect, but also in the follow-on opportunities that extend across the licenced acreage."

Exploration News in Jamaica >>

Nigeria >>  9/18/2020 - Zenith Energy Ltd., the listed international oil & gas production company focused on pursuing African development opportunities, is pleased to announc...
Nigeria >>  9/17/2020 - Further to the announcement of 3 August 2020, ADM Energy PLC, a natural resources investing company, is pleased to announce that it has formally submi...

Egypt >>  9/16/2020 - Eni (as the Operator of the Block) and bp (as contractor member) announce a new gas discovery in the so-called "Great Nooros Area", located in the Abu...
Argentina >>  9/15/2020 - President Energy, the energy company with a diverse portfolio of production and exploration assets focused primarily in Argentina has provided an oper...

United Kingdom >>  9/15/2020 - Deltic Energy, the AIM quoted natural resources investing company with a high impact exploration and appraisal portfolio focused on the Southern and C...
Brazil >>  9/14/2020 - Petrobras reports on the revision of the Exploration & Production (E&P) segment portfolio in face of the crisis caused by COVID-19. The revision aims ...

Related Categories: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  Food Supplies  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Unskilled Labors  Utility Systems  Waste Disposal  Water Supply Services  Welding Products/Services 

Related Articles: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Utility Systems  Water Supply Services  Welding Products/Services 


Jamaica Oil & Gas 1 >> 

More News

Related Links

Gulf Oil and Gas
Copyright © 2020 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.