United Oil and Gasoline Plc has secured a two-year extension to the manufacturing sharing settlement (PSA) for the Walton Morant License in Jamaica.
Walton Morant is an offshore exploration block measuring 8,649 sq. miles (22,440 sq. kilometers) and positioned south of Jamaica. In line with a report cited by United, the asset has 2.4 billion barrels of unrisked imply potential useful resource potential, together with the preliminary drill prepared Colibri prospect of 406 million barrels of unrisked imply potential assets.
The PSA was prolonged till January 21, 2026, by the Jamaican Ministry of Science, Vitality, Telecommunications and Transport. United plans to undertake further technical research, together with piston core sampling and seismic reprocessing, aimed toward additional de-risking the petroleum system and “higher defining the prospects and leads recognized on the license”, the corporate mentioned in a latest announcement on the London Inventory Trade.
With the license extension confirmed, United mentioned it could actually “construct confidently on the farmout course of carried out so far and re-engage with the latest constructive curiosity that has been proven by different events in taking part on this excessive affect exploration alternative, in a area with immense potential”. United and its advisors, Vitality Advisors Group and Envoi, will proceed of their efforts to safe a companion, the corporate added.
“This two-year license extension in Jamaica is a big subsequent step in our technique alongside our onshore operations within the UK [United Kingdom]”, United CEO Brian Larkin mentioned. “The Walton-Morant License is an unlimited exploration space of twenty-two,400 [square kilometers] that United holds 100% working curiosity containing doubtlessly over 2.4 billion barrels of unrisked imply potential assets together with the promising Colibri prospect, which may very well be price a possible c. $23 billion NPV10 to United at 100% working curiosity on an unrisked success foundation.
“This license extension allows us to confidently proceed our farm-out marketing campaign, in search of a strategic companion to unlock the immense potential on this area”, Larkin added.
“The Authorities of Jamaica stays supportive of hydrocarbon exploration and reaching the potential of this license. Towards the worldwide backdrop of geopolitical instability, exploration and improvement success on the license may very well be transformational for the nation delivering long-term power safety, producing important income and creating financial alternatives for the nation in keeping with Jamaica’s Nationwide Vitality Coverage”, he continued.
“We are going to proceed to deal with the latest constructive curiosity that has been proven by a number of events, and with the prolonged license, it is a important alternative for the good thing about all stakeholders. I wish to thank the Authorities of Jamaica for his or her assist and efforts to convey us so far and we are going to proceed our work program in 2024”, Larkin concluded.
2024 Focus
For 2024, along with Walton Morant, United mentioned it plans to deal with the Waddock Cross oil area, the place it holds a 26.25 % working curiosity in License PL090 within the UK. The corporate is also exiting from its Egypt operations, in keeping with the announcement.
Waddock Cross operator Egdon Assets estimates that the asset incorporates a big Inventory Tank Oil Initially in Place (STOIIP) gross quantity of 57 million barrels, and {that a} new horizontal nicely may yield business gross oil manufacturing of 500-800 barrels of oil per day and roughly a million barrels of restoration per nicely. Egdon is progressing plans for restarting manufacturing at Waddock Cross, United mentioned.
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