United Oil & Gas plc has acquired the Walton Morant licence in Jamaica on a 100% operated basis, with its initial exploration period extended by 18 months.
TARGETS
The Jamaican Government approved the move which sees United take Tullow’s 80% equity in the licence for a nominal fee to become the operator and 100% equity holder.
United said it had evaluated the site as a “highly prospective frontier basin with compelling evidence for the presence of a working petroleum system.”
The company has started to de-risk further the Colibri prospect and other targets ahead of a drill-or-drop decision by 31 January 2022.
The Colibri prospect has been independently estimated to contain gross unrisked mean prospective resources of 229 MMstb (million stock tank barrels) and up to 513 MMstb in a high-case scenario.
Other target areas include Moonraker,Thunderball, Moneypenny, Jaws, Goldfinger, Vesper, Oriole, Earspot and Rumpspot.
The amended licence covers 22,400km2 with numerous plays and prospects already identified across three separate basins.
A total 11 wells have been drilled to date (nine onshore and two offshore) of which all except one contain hydrocarbon shows.
PROJECTS
United’s interests lie in Egypt, Italy, Jamaica and the Weald Basin and West Scotland in the UK.
Mr Larkin added that the company was currently producing 3,000 boe in Egypt but would defer deciding on work on the Selva field in Italy until H1 2021 because of Covid-19.