debut: 12/22/15
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United Oil & Gas Plc, UOG, says it has secured a two-year extension to its Walton-Morant licence to explore for oil offshore Jamaica.
The two-year extension gives United Oil, a company based in the United Kingdom, more time to finalise discussions with drilling partners. If the company does not commence drilling within that period, it risks losing the Walton-Morant licence unless granted another extension.
“The extension provides UOG with the security required to advance discussions with farm-in partners and progress technical work, reinforcing the significant exploration potential of this licence,” United Oil CEO Brian Larkin said in a release on Thursday.
Ultimately, the hunt for oil offshore Jamaica requires a partnership with a drilling firm willing to invest about US$30 million to test for oil. United Oil said the talks are confidential.
“With multiple parties now under NDA and re-engagement with previously interested parties, we are well-positioned to secure the right strategic partner to help unlock this asset’s potential. Our current work programme is designed to further de-risk the licence, and with returning sentiment to high-impact frontier exploration opportunities, the Walton-Morant licence stands out as an exceptional investment case,” said Larkin.
Initially set to expire in January 2026, the licence is now valid until January 2028, granting United Oil leeway to advance exploratory activities and continue the search for farm-in partners. The extension reflects the Jamaican government’s continued support of oil and gas exploration in the region, the company stated.
The Walton-Morant Basin spans 22,400 square kilometres south of Jamaica and is recognised as a high-impact frontier exploration zone. United Oil holds a 100 per cent working interest in the project and has identified promising prospects through extensive seismic data analysis.
Source:jamaica-gleaner.com
The two-year extension gives United Oil, a company based in the United Kingdom, more time to finalise discussions with drilling partners. If the company does not commence drilling within that period, it risks losing the Walton-Morant licence unless granted another extension.
“The extension provides UOG with the security required to advance discussions with farm-in partners and progress technical work, reinforcing the significant exploration potential of this licence,” United Oil CEO Brian Larkin said in a release on Thursday.
Ultimately, the hunt for oil offshore Jamaica requires a partnership with a drilling firm willing to invest about US$30 million to test for oil. United Oil said the talks are confidential.
“With multiple parties now under NDA and re-engagement with previously interested parties, we are well-positioned to secure the right strategic partner to help unlock this asset’s potential. Our current work programme is designed to further de-risk the licence, and with returning sentiment to high-impact frontier exploration opportunities, the Walton-Morant licence stands out as an exceptional investment case,” said Larkin.
Initially set to expire in January 2026, the licence is now valid until January 2028, granting United Oil leeway to advance exploratory activities and continue the search for farm-in partners. The extension reflects the Jamaican government’s continued support of oil and gas exploration in the region, the company stated.
The Walton-Morant Basin spans 22,400 square kilometres south of Jamaica and is recognised as a high-impact frontier exploration zone. United Oil holds a 100 per cent working interest in the project and has identified promising prospects through extensive seismic data analysis.
Source:jamaica-gleaner.com
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Funny but true!
