United Oil & Gas plc has agreed a two-year extension to the initial exploration period of its 22,400km2 Walton Morant block offshore Jamaica.
CONFIDENT
Pending the final signature by the Ministry of Science, Energy, Telecommunications and Transport (MSETT) on an amendment to the production sharing agreement (PSA) the licence will run to 31 January 2026.
The company said it was committing to a programme of technical studies including piston core surveying and seismic reprocessing.
Last year, United’s negotiations for a sign a farm-out for Walton Morant ended when the preferred potential partner withdrew.
The company, which acquired the block in 2020, is currently the operator and holds 100% equity interest in the licence.
“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,” added chief executive officer Brian Larkin.
“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.”
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