United Oil & Gas plc has secured an early two-year extension until 31 January 2028 to its Walton Morant licence offshore southern Jamaica.
PARTNER
The 22,400km2 block holds “multiple plays and prospects” and more than seven billion barrels mean/mid case recoverable unrisked prospective resources, based on internal estimates.
The company will use the extra time to progress technical work and farm-out discussions.
United said it had “re-engaged with selected parties” interested in the licence before the farm-out process was suspended in December 2024, while new groups had also expressed interest.
“Multiple” companies are under non-disclosure agreements (NDAs) and “actively” reviewing data as part of the farm-out process.
Chief executive officer Brian Larkin added: “We are well-positioned to secure the right strategic partner to help unlock this asset’s potential.
“Our current work programme is designed to further de-risk the licence, and with returning sentiment to high-impact frontier exploration opportunities, the Walton Morant licence stands out as an exceptional investment case.”