United Oil and Gas Announces Jamaica Licence Extension

Source: www.gulfoilandgas.com 11/24/2021, Location: South America

United Oil & Gas PLC, the growing oil and gas company with a portfolio of production, development, exploration and appraisal assets is pleased to announce that the request for a two-year extension for the Walton Morant Licence, Jamaica, has been granted by the Jamaican Cabinet.

Following completion of the approval process, the licence will run to 31 January 2024. An amendment to the Production Sharing Agreement ("PSA") will be submitted to the Ministry of Science, Energy and Technology ("MSET") for final signature in mid-December 2021.

There is strong evidence of a hydrocarbon system in Jamaica, including source, reservoir, and seal rocks. An independent evaluation by Gaffney Cline & Associates, as announced by the Company in December 2020, of 11 high graded leads and prospects indicated the potential for a combined estimated 2.4 billion barrels mean prospective resources. United started a formal farm-out process for the Walton Morant Licence earlier this year. The Company is seeking a strategic drilling partner(s) with a view to drilling the primary 3D seismic defined Colibri prospect, which is estimated to hold mean prospective resources of 406 million barrels.

United holds and operates a 100% equity interest in the Walton Morant Licence, Jamaica.

Brian Larkin, Chief Executive Officer commented
"We are delighted to have received approval for the two-year licence extension in Jamaica. United has done extensive technical work on this asset, which has over 2.4 billion barrels of unrisked oil potential and the basin-opening Colibri prospect at a drill-ready stage. The extension allows us to continue the farm-out campaign with confidence as we look for a strategic partner(s) to unlock the vast potential in this region. The support and encouragement of the Government of Jamaica has been excellent and reflects our strong relationship and the positive outlook for the industry in Jamaica. With the licence extension, the outlook for higher commodity prices, sentiment for exploration and anticipated recovery of the investment cycle we look forward to pursuing this significant opportunity in the region for the benefit of all stakeholders."


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