United Oil & Gas plc said it had been granted a two-year extension for its 100% Walton Morant licence, Jamaica.
POTENTIAL
Following completion of the approval process, the licence will run to 31 January 2024.
United believes that there is a hydrocarbon system in Jamaica including source, reservoir, and seal rocks.
An independent evaluation by Gaffney Cline & Associates of 11 high graded leads and prospects indicated the potential for a combined estimated 2.4 billion barrels mean prospective resources.
Earlier this year United began a formal farm-out process for the block.
The company aims to drill the primary 3D seismic defined Colibri prospect estimated to hold mean prospective resources of 406 million barrels.