United Oil & Gas PLC - oil and gas explorer - Notes completes evaluation of prospective resources by Gaffney Cline & Associates covering the Walton Morant licence, offshore Jamaica, indicating 2.4 billion barrels across 11 prospects and leads.
406 million barrels in gross unrisked mean prospective resource estimate for the Colibri prospect, an uplift of 77% compared to the previous independent report.
"United has long held the view that the Walton Morant Basin is a highly prospective and exciting basin, with billion-barrel potential. This is the second independent report on the licence and the first to explore prospects across the full basin. The results are exceptionally positive and support our strong conviction that this is a transformational asset," said Chief Operating Officer Jonathan Leather.
Current stock price: 3.00 pence
Year-to-date change: down 17%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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United Oil&gas (UOG)