News Oil & Gas

United has potential 2.4 billion barrels oil on Walton Morant licence

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United Oil & Gas plc said a potential of more than 2.4 billion barrels of oil had been identified in its 100% owned 22,400km2 Walton Morant licence, Jamaica.

Conviction: a successful outcome for Colibri opens up even greater possibility in the region (United Oil & Gas)

RESOURCE

Gaffney Cline & Associates published the figures in a new independent prospective resources report.

United is due to drill the first exploration well offshore Jamaica for more than 40 years on the licence.

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 Colibri prospect, the prime exploration target on the licence.

This is an increase of 77% compared with previous independent reports.

United said that the first independent review of Morant Basin indicated “major potential” including Thunderball lead with mean unrisked recoverable prospective resources of 603MMbbls.

The licence includes an 18-month extension to the initial exploration period, with a drill-or-drop decision required by 31st January 2022.

United has conducted a low-cost geotechnical work programme in addition to more than $30 million already invested.

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