United Oil & gas plc said it would focus on its assets offshore Jamaica and onshore UK after it has left Egypt.
2024
The company holds a 26.25% working interest in licence PL090 in Dorset containing the Waddock Cross oil field, operated by majority owner Egdon Resources.
During 2020, Egdon completed reservoir modelling work on Waddock Cross, which it estimates to stock tank oil initially in plce (STOIIP) gross volume of 57mmbbls.
A new horizontal well could yield commercial gross oil production of 500-800 bopd and c. 1mmbbls recovery per well.
United said that, as of 31 October 2023, the operator advised it was progressing plans for restarting production from the field.
The company has also received confirmation from regulators in Jamaica of the two-year extension for its Walton Morant block of licences.
United plans additional technical studies, including piston core sampling and seismic reprocessing, for further de-risking and better defining the prospects and leads.
The farm-out process will also continue.