United Oil & Fuel Plc has clarified rumors a couple of business oil or gasoline discovery in Jamaica circulating within the native media.
United in an announcement confirmed that it had not drilled any wells within the Walton Morant license and subsequently, “no business oil or gasoline discovery has been made”.
The corporate holds a one hundred pc working curiosity within the asset and is presently engaged in a farm-out course of, it mentioned. United’s 2024 work program is targeted on conducting piston core sampling, which goals to detect any oil residue earlier than contemplating future exploration drilling targets.
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United CEO Brian Larkin mentioned, “The Walton-Morant License is an unlimited exploration space containing quite a few promising prospects. We’re dedicated to bettering our understanding of the useful resource potential throughout the license space”.
“We proceed working to safe a strategic companion to unlock the immense potential throughout the license, together with latest optimistic curiosity that has been proven by a number of events. Following securing an extension to the license, our 2024 work program is underway, and we’ll replace the market on the subsequent appropriate alternative,” Larkin added.
United in January 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 situated south of Jamaica. In keeping 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, Power, 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 an earlier assertion.
For 2024, along with Walton Morant, United mentioned it plans to concentrate on the Waddock Cross oil discipline, the place it holds a 26.25 p.c working curiosity in License PL090 in the UK (UK).
Waddock Cross operator Egdon Assets estimates that the asset comprises a major Inventory Tank Oil Initially in Place (STOIIP) gross quantity of 57 million barrels, and {that a} new horizontal properly might yield business gross oil manufacturing of 500-800 barrels of oil per day and roughly a million barrels of restoration per properly. Egdon is progressing plans for restarting manufacturing at Waddock Cross, United mentioned.
United Oil & Fuel mentioned it’s “led by an skilled administration staff with a powerful monitor document of rising full cycle companies, partnered with established business gamers and is properly positioned to ship future development via portfolio optimization and focused acquisitions”.
To contact the writer, e mail rocky.teodoro@rigzone.com
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