United Oil & Gasoline Plc has secured an early two-year extension to the Walton Morant license offshore Jamaica.
The license for Walton Morant, the place United holds a one hundred pc working curiosity, has been prolonged to January 31, 2028, the corporate mentioned in a information launch.
United mentioned it has resumed talks with chosen events who had beforehand expressed curiosity earlier than the farm-out course of was suspended in December 2024. The corporate has additionally begun discussions with different teams who’ve expressed curiosity.
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Based on United, the Walton-Morant license is comparable in scale and geological potential to ExxonMobil’s prolific Stabroek Block in Guyana, the place over 11 billion barrels of recoverable oil have been found. Like Stabroek, Walton Morant options giant structural traps with high-quality reservoir potential however stays considerably underexplored, presenting a “compelling funding alternative,” the corporate acknowledged.
The 22,400-square-kilometer Walton-Morant block hosts over 40 recognized leads and prospects. Eleven of those have been independently verified by Gaffney-Cline in a potential sources report, collectively estimated to carry over 2.4 billion barrels of unrisked imply potential sources, based on the discharge.
Inside estimates from UOG and former operators point out that the license’s complete exploration potential might exceed 7 billion barrels, the corporate mentioned.
United CEO Brian Larkin mentioned, “The Walton Morant Licence presents a compelling frontier exploration alternative for buyers, providing publicity to a world-class frontier basin with multi-billion-barrel potential. Securing this early license extension till 31 January 2028, is essential to progressing our work program, and guaranteeing stability and regulatory certainty sought by potential farm-in companions”.
“With a number of events now underneath NDA [non-disclosure agreements] and re-engagement with beforehand events, we’re well-positioned to safe the suitable strategic associate to assist unlock this asset’s potential. Our present work program is designed to additional de-risk the licence, and with returning sentiment to high-impact frontier exploration alternatives, the Walton Morant License stands out as an distinctive funding case,” Larkin added.
Withdrawal from Egypt
In October 2024, United accomplished its withdrawal from its Egypt belongings.
The corporate efficiently accomplished all of the paperwork to totally withdraw from its 22 p.c stake within the Abu Sennan Concession efficient January 1, 2024. In satisfaction of excellent money calls associated to the concession, United mentioned it has agreed to switch to the non-defaulting events of Kuwait Vitality Egypt Restricted and World Join LTD $220,000 from its receivables steadiness of roughly $840,000 due from the Egyptian Basic Petroleum Company (EGPC).
“We’re happy to have reached an settlement with Kuwait Vitality and World Join, permitting us to withdraw from the Abu Senna concession. Our continued discussions with EGPC concerning the excellent receivables are additionally encouraging, and we anticipate [a] decision shortly. We want our former Be part of Enterprise companions all the most effective of their future endeavors,” Larkin mentioned in an earlier assertion.
“We will now focus our efforts on development alternatives, significantly in Jamaica. Our farmout discussions are progressing nicely, and our group is making glorious headway with chosen events. We stay up for offering additional updates to shareholders shortly,” Larkin added.
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