United Oil & Gas plc has been awarded an environmental permit and a beach licence for its planned offshore technical programme in the Walton Morant licence, offshore Jamaica.
FRONTIER
Work includes a piston core survey which will collect 40 to 60 seabed sediment samples from seafloor of the Walton and Morant basins.
Analysis of the samples is anticipated to improve understanding of the reservoir quality across the licence.
The company also plans a multibeam echosounder survey over certain deeper areas of the licence, especially those in the Morant Basin not currently covered by 3D seismic data.
A heat probe analysis at selected locations will measure background heat flow and sediment thermal conductivity.
Data will help refine basin modelling and petroleum system analysis, as well as identify and prioritise areas most likely to host commercial accumulations of hydrocarbons.
United is currently waiting the formal award of the permit and licence from the National Environment and Planning Agency in Jamaica.
“This is a significant milestone in our planning for the offshore programme and supports our strategy to advance the licence and unlock its value through disciplined technical work and industry engagement,” said chief executive Brian Larkin.
“These developments play an important role in our ongoing farm-out process, which continues to attract interest from credible counterparties.
“Walton Morant remains one of the few frontier licences with multi-billion-barrel potential and proximity to existing infrastructure in a stable jurisdiction near the US Gulf Coast.”
WARRANTS
The company also announced it would extend the expiry date of 166,666,667 warrants exercisable at 0.28 pence per share, from 30 June to 31 December 2025.