United Oil & Gas PLC Jamaica Licence Extension (3449T)
November 24 2021 - 2:00AM
UK Regulatory
TIDMUOG
RNS Number : 3449T
United Oil & Gas PLC
24 November 2021
United Oil & Gas PLC / Index: AIM / Epic: UOG / Sector: Oil
& Gas
24 November 2021
United Oil and Gas Plc
("United" "the Group" or the "Company")
Jamaica Licence Extension
United Oil & Gas PLC (AIM: "UOG"), the growing oil and gas
company with a portfolio of production, development, exploration
and appraisal assets is pleased to announce that the request for a
two-year extension for the Walton Morant Licence, Jamaica, has been
granted by the Jamaican Cabinet.
Following completion of the approval process, the licence will
run to 31 January 2024. An amendment to the Production Sharing
Agreement ("PSA") will be submitted to the Ministry of Science,
Energy and Technology ("MSET") for final signature in mid-December
2021.
There is strong evidence of a hydrocarbon system in Jamaica,
including source, reservoir, and seal rocks. An independent
evaluation by Gaffney Cline & Associates, as announced by the
Company in December 2020, of 11 high graded leads and prospects
indicated the potential for a combined estimated 2.4 billion
barrels mean prospective resources. United started a formal
farm-out process for the Walton Morant Licence earlier this year.
The Company is seeking a strategic drilling partner(s) with a view
to drilling the primary 3D seismic defined Colibri prospect, which
is estimated to hold mean prospective resources of 406 million
barrels.
United holds and operates a 100% equity interest in the Walton
Morant Licence, Jamaica.
Brian Larkin, Chief Executive Officer commented
" We are delighted to have received approval for the two-year
licence extension in Jamaica. United has done extensive technical
work on this asset, which has over 2.4 billion barrels of unrisked
oil potential and the basin-opening Colibri prospect at a
drill-ready stage. The extension allows us to continue the farm-out
campaign with confidence as we look for a strategic partner(s) to
unlock the vast potential in this region. The support and
encouragement of the Government of Jamaica has been excellent and
reflects our strong relationship and the positive outlook for the
industry in Jamaica. With the licence extension, the outlook for
higher commodity prices, sentiment for exploration and anticipated
recovery of the investment cycle we look forward to pursuing this
significant opportunity in the region for the benefit of all
stakeholders. "
**ENDS**
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with
the Company's obligations under Article 17 of MAR.
Enquiries
United Oil & Gas Plc (Company)
Brian Larkin, CEO brian.larkin@uogplc.com
Sharan Dhami, Head of IR & ESG sharan.dhami@uogplc.com
Beaumont Cornish Limited (Nominated
Adviser) +44 (0) 20 7628 3396
Roland Cornish and Felicity Geidt
Optiva Securities Limited (Broker) +44 (0) 20 3137 1902
Christian Dennis
Murray (PR Advisor) +353 (0) 87 6909735
Joe Heron jheron@murrayconsultants.ie
Camarco (Financial PR/IR) +44 (0) 20 3757 4983
Billy Clegg | James Crothers | Tessa uog@camarco.co.uk
Gough-Allen
Notes to Editors
United Oil & Gas is a high growth oil and gas company with a
portfolio of low-risk, cash generative production, development,
appraisal and exploration assets across Egypt, UK, Italy and a high
impact exploration licence in Jamaica.
The business is led by an experienced management team with a
strong track record of growing full cycle businesses, partnered
with established industry players and is well positioned to deliver
future growth through portfolio optimisation and targeted
acquisitions.
United Oil & Gas is listed on the AIM market of the London
Stock Exchange. For further information on United Oil and Gas
please visit www.uogplc.com
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