United Oil & Gas plc preferred potential farm-out partner for the Walton Morant licence has withdrawn two weeks after talks entered a critical stage.
LICENCE EXTENSION
The company said it would focus on the “recent positive interest” in the Jamaica asset shown by other parties.
“The board believes that the renewed interest in exploration opportunities worldwide which is being driven by the strong future demand for oil and gas, will support our farm-out efforts.
“The company continues to engage with the Jamaican authorities to secure an extension to the current licence period which expires at the end of January 2024, with a negotiated work programme that comprises additional technical work that would further de-risk the licence prior to the drilling of the exploration well.
“This work is aimed at materially enhancing the risked value of the company’s interest in the licence.”
Chief executive officer Brian Larkin added that the potential partner had engaged in talks for “a number of months”.
“We remain committed to delivering value from this potentially high impact exploration opportunity.”
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