Last checked at 22 Jan 2024 07:22
United Oil & Gas PLC / Index: AIM / Epic: UOG / Sector: Oil & Gas
22 January 2024
United Oil & Gas plc
("United" or "the Company")
Jamaica update
United Oil & Gas Plc (AIM: "UOG"), the full-cycle oil and gas company with a portfolio of production, development, exploration and appraisal assets, issues the following operations update in relation to our Jamaican asset.
Jamaica Update
United Oil and Gas Plc is pleased to announce that the terms for a two-year extension to the Initial Exploration Period of the Walton Morant Licence in Jamaica, have been agreed with the Ministry of Science, Energy, Telecommunications and Transport ("MSETT"), pending final signature by MSETT.
Following final signature on an amendment to the Production Sharing Agreement ("PSA") the licence will run to 31 January 2026. United is committing to a programme of technical studies including piston core surveying and seismic reprocessing.
The Walton Morant licence is a 22,400km2 offshore exploration block situated to the south of the island of Jamaica. The licence benefits from excellent data coverage, and this has helped provide compelling evidence for a working hydrocarbon system and defined multiple plays and material prospects within the acreage. An independent evaluation of 11 high-graded leads and prospects indicated the potential for a combined estimated 2.4 billion barrels unrisked mean prospective resources. The company is seeking a strategic partner to support its planned work programme, including piston core surveying and seismic reprocessing. This is expected to further de-risk the acreage, with a view to drilling the Colibri prospect - estimated to hold unrisked mean prospective resources of 406 million barrels.
United currently holds and operates a 100% equity interest in the Walton Morant Licence, Jamaica.
United Chief Executive Officer, Brian Larkin commented:
"We are very pleased to announce the agreement of terms for a two-year license extension in Jamaica. United has dedicated significant effort to the technical aspects of this asset, which has over 2.4 billion barrels of unrisked oil potential and the promising Colibri prospect. This extension will empower us to confidently continue our farm-out campaign, seeking a strategic partner to unlock the immense potential in this region. The support from the Government of Jamaica underscores our relationship and the optimistic industry outlook in Jamaica. We will continue to focus on the recent positive interest that has been shown by a number of parties, and with the extended licence, this is a significant opportunity for the benefit of all stakeholders."
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 a high growth oil and gas company with a portfolio of low-risk, cash generative production, development, appraisal and exploration assets across Egypt, 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