United Oil & Gas plc has formally received a five-year environmental permit for its planned offshore surveys on the Walton Morant licence, southern Jamaica.
FARM-OUT
The company plans “non-invasive offshore surveys, including bathymetric, geotechnical, and environmental baseline studies”.
A final outstanding “beach” licence is expected shortly and will complete all approvals required before any operations can begin.
The surveys will improve United’s technical dataset and further de-risk the licence.
Data collected is expected to support prospectivity and potential hydrocarbon presence in the seabed.
Chief executive Brian Larkin said that the company was on the verge of rebuilding momentum “across one of the most exciting and underexplored basins in the region”.
“The Walton Morant licence presents a compelling opportunity, with billion-barrel-scale potential, drill-ready targets, and a source rock interval of similar age to that found in the prolific basins of Guyana,Trinidad & Tobago, and elsewhere in the Caribbean region.
“Encouraging industry interest continues, and advancing the farmout remains a core strategic priority.
“The farm-out process is progressing in parallel to survey preparations and is not contingent upon them.
“Our focus is on unlocking value through both technical de-risking and commercial engagement.”