United Oil & Gas plc has signed a tentative agreement for a specialist survey vessel to undertake the planned piston coring and surface geochemical programme at Walton Morant, offshore Jamaica.
PIVOTAL
The non-binding memorandum of understanding with TDI Brooks International aims to secure a vessel, en route from Trinidad via Jamaica, during the final quarter of 2025.
“Delaying the survey beyond this slot would risk higher costs, loss of vessel availability, and schedule slippage into 2026,” said United.
“Acting decisively allows United to execute the programme efficiently, and under favourable logistical conditions and within its 31 March 2026 Beach licence renewal date.”
A recent risking report stated that a successful survey would “substantially” enhance exploration success across Walton Morant, with Colibri improving from 19% to 32% and Oriole 13% to 21%.
Chief executive officer Brian Larkin added: “With a short operational window and high regional demand for vessels, it was essential we moved now to secure capacity.
“This programme represents a pivotal value catalyst for United, and we strongly anticipate it to strengthen our technical position, accelerate farm-out discussions, and demonstrate our commitment to driving tangible shareholder value through disciplined, timely execution.”
FUNDING
The company hopes to fund the surveys from the conditional fundraise on 7 October of £2.33 million.
The placing and subscription will be from the proposed issue of a total 1,552,532,979 new ordinary shares of £0.00001 each.
Each fundraise share has one warrant attached, valid for 12 months from the date of issue.
Shareholders will vote on the issue of the shares at a general meeting on 27 October.