United Oil & Gas plc said talks had entered a “critical stage” with its preferred potential farm-out partner for the Walton Morant licence in Jamaica.
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The company also aims to secure an extension to the licence period, due to expire at the end of January 2024, for additional technical work on the block to support drilling an exploration well.
“We are encouraged by the continued progress in relation to the farmout process in Jamaica, as we look to unlock the material value contained in this block and deliver value to our stakeholders, including the people of Jamaica,” added chief executive officer Brian Larkin.
Acquired from Tullow Oil plc in August 2020, the 22,400km2 block contains the Colibri prospect as well as target areas of Moonraker, Thunderball, Jaws, Goldfinger, Vesper, Oriole, Earspot and Rumpspot.
In December 2020, an independent report showed that the block holds unrisked mean prospective resources of more than 2.4 billion barrels across 11 prospects and leads.
Some 406 million barrels (MMbbls) gross unrisked mean prospective resource is estimated for the prime exploration target of the Colibri prospect.
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