Last checked at 29 Feb 2024 07:00
United Oil & Gas PLC / Index: AIM / Epic: UOG / Sector: Oil & Gas
29 February 2024
United Oil & Gas plc
("United" or "the Company")
Appointment of Country Manager in Jamaica
United Oil & Gas Plc (AIM: "UOG"), the oil and gas company with a high impact exploration asset in Jamaica and a development asset in the UK is pleased to announce the following update.
Appointment of Country Manager in Jamaica
United Oil and Gas Plc is pleased to announce that Herona Thompson has been appointed Country Manager in Jamaica. Herona is a geologist by background and brings extensive experience of working in the petroleum industry having worked for both the Government of Jamaica and for the private sector on Jamaican and international projects. Herona will play a key role in overseeing and implementing the work programme that was recently agreed with the Ministry of Science, Energy, Telecommunications and Transport ("MSETT") as part of the two-year extension to the Initial Exploration Period of the Walton Morant Licence.
United currently holds and operates a 100% equity interest in the Walton Morant Licence, Jamaica, which is a 22,400km2 offshore exploration block situated to the south of the island. Planning is already underway for the acquisition of a piston core survey on the licence, which will aim to directly sample the seabed for traces of flowing hydrocarbons that have naturally leaked to the surface. This initiative allows the Company to maintain the momentum of its work programme while continuing to engage with potential strategic partners.
The high-quality data-set that has been acquired over the last 5 years enables each core that is to be extracted by the piston core survey to be optimally targeted, maximising the chances of success. A positive result from the survey showing traces of hydrocarbons would substantially de-risk the leads and prospects already identified - eleven of which have been independently evaluated to contain a combined 2.4 billion barrels unrisked mean prospective resources.
United Chief Executive Officer, Brian Larkin commented:
"We are very pleased to welcome Herona to the United team. With her experience of the industry and of managing projects in Jamaica, her appointment will be key to implementing the planned work programme and delivering positive results.
"In parallel to progressing the technical work programme to unlock the vast potential of the licence, we continue to engage positively with potential strategic partners through a farm-out campaign, and look forward to providing further updates to the market as both the work programme and farm-out process continue."
END
This announcement contains inside information for the purposes of Article 7 of Regulation 2014/596/EU which is part of domestic UK law pursuant to the Market Abuse (Amendment) (EU Exit) regulations (SI 2019/310).
Enquiries | ||
United Oil & Gas Plc (Company) | ||
Brian Larkin, CEO | brian.larkin@uogplc.com | |
Beaumont Cornish Limited (Nominated Adviser) | ||
Roland Cornish | Felicity Geidt | Asia Szusciak | +44 (0) 20 7628 3396 | |
Tennyson Securities (Joint Broker) | ||
Peter Krens | +44 (0) 020 7186 9030 | |
Optiva Securities Limited (Joint Broker) | ||
Christian Dennis | +44 (0) 20 3137 1902 | |
Camarco (Financial PR) | ||
Andrew Turner | Emily Hall | Sam Morris | +44 (0) 20 3757 4983 |
Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated Adviser and is authorised and regulated by the FCA. Beaumont Cornish's responsibilities as the Company's Nominated Adviser, including a responsibility to advise and guide the Company on its responsibilities under the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed solely to the London Stock Exchange. Beaumont Cornish is not acting for and will not be responsible to any other persons for providing protections afforded to customers of Beaumont Cornish nor for advising them in relation to the proposed arrangements described in this announcement or any matter referred to in it.
Notes to Editors
United Oil & Gas is an oil and gas company with a development asset in the UK and a high impact exploration licence in Jamaica.
The business is led by an experienced management team with a strong track record of growing full cycle businesses, partnered with established industry players and is well positioned to deliver future growth through portfolio optimisation and targeted acquisitions.
United Oil & Gas is listed on the AIM market of the London Stock Exchange. For further information on United Oil and Gas please visit www.uogplc.com