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United Oil & Gas PLC - Oil and gas company, focused on Egypt, the UK and Jamaica - Confirms that the Jamaican Ministry of Science, Energy, Telecommunications & Transport has signed an amendment to a production sharing contract, thereby extending the Jamaican Walton Morant licence by two years to January 31, 2026. Explains that this will allow for additional technical studies to be undertaken, including piston core sampling and seismic reprocessing.
Adds that, following United's exit from Egypt, its strategy for this year will focus on the Waddock Cross oil field, where it holds a 26.25% working interest in Licence PL090.
Chief Executive Officer Brian Larkin says: "This two-year license extension in Jamaica is a significant next step in our strategy alongside our onshore operations in the UK. The Walton-Morant Licence is a vast exploration area of 22,400 kilometre-square that United holds 100% a working interest containing potentially over 2.4 billion barrels of unrisked mean prospective resources including the promising Colibri prospect, which could be worth a potential c. USD23 billion NPV10 to United at 100% working interest on an unrisked success basis. This licence extension enables us to confidently continue our farm-out campaign, seeking a strategic partner to unlock the immense potential in this region."
Current stock price: 0.36 pence, up 6.6%
12-month change: down 70%
By Holly Beveridge, Alliance News reporter
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