Positive Drill Rig Study Results
RNS Number : 5823ZUnited Oil & Gas PLC20 October 2026United Oil & Gas PLC / Index: AIM / Epic: UOG / Sector: Oil & Gas
20 October 2026
United Oil & Gas plc
(“United” or “the Company”)
Positive Drill Rig Study Results
United Oil & Gas Plc (AIM: “UOG”), the oil and gas company with a high-impact exploration asset in Jamaica and a development asset in the UK, is pleased to announce positive results from the drilling rig and long-lead availability study (the “Study”) undertaken by NRG Well Management ("NRG") for the Walton Morant licence, offshore Jamaica. The Study was progressed in parallel with, and in support of, the Company's farm-out process. United's immediate focus is firmly on concluding its ongoing farm-out discussions.
The Study identifies a clear pathway to delivering a future exploration campaign: a substantial rig pool, key long-lead requirements outlined, and a Jamaica-based logistics model identified.
Highlights:
- Supports farm-out process: provides potential farm-in partners clarity on the execution pathway for a future exploration campaign
- Substantial rig pool identified: a double-digit pool of suitable available rigs all assessed against capability, timing and regional positioning
- Campaign flexibility retained: covers the key Colibri target well (406 MMbo¹) and the deeper-water Thunderball follow-on (603 MMbo¹), a combined 1,009 MMbo² of mean prospective resource that could be targeted in a single exploration campaign
- Jamaica-based logistics model identified: combines local port infrastructure and services with specialist regional offshore services
- Long-lead requirements outlined: identifies critical equipment, sourcing options and procurement timelines
Brian Larkin, Chief Executive Officer, commented:
“The completion of this study is an important step forward for the Walton-Morant licence. It supports our ongoing farmout process, providing practical insight into rig and equipment availability and critical path items required to access the greater than 1 billion barrel mean prospective resources contained within Colibri and Thunderball, representing two targets within our portfolio of 40 leads and prospects containing over 7.2 billion barrels3 of prospective resources.
The Study has identified a substantial pool of rig candidates relevant to our potential drilling window, assessed key long lead items and outlined a Jamaica based logistics solution for potential future operations.
This gives prospective farm-in partners immediate, practical and usable information on the potential delivery of a future exploration campaign on the Walton-Morant licence.
With this work now complete, our immediate focus remains on concluding the farm-out process.”
Rig Market and Campaign Flexibility
The Study assessed the relevant offshore drilling market across established international drilling contractors and high-graded a double-digit pool of rig candidates for potential alignment with the potential drilling window. The breadth of the identified rig pool provides flexibility around future rig selection and campaign planning, and positions United and future partners to respond to rig opportunities as they become available from regional drilling programmes.
The assessment covers Colibri, in approximately 750 metres water depth, and Thunderball, a potential follow-on well in approximately 1,900 metres water depth. Colibri has mean prospective resources of 406 MMbo1, while Thunderball has mean prospective resources of 603 MMbo1 and forms part of a wider series of large, tilted fault-block structures in the Morant Basin.
Jamaica and Regional Logistics
The Study identifies a Jamaica-based logistics model combining existing port and commercial infrastructure with specialist offshore services and equipment sourced from established regional hubs. Existing Jamaican capabilities identified include port and project cargo operations, storage and laydown, heavy lifting, marine fuel supply, customs and freight forwarding. These can be complemented by specialist offshore services sourced from established regional centres.
Long-Lead Equipment
The Study has outlined the principal long-lead requirements for future drilling. Direct supplier engagement has clarified equipment availability, sourcing options and procurement timelines, enabling United and future partners to align procurement with target drilling windows.
This Study is a forward-planning and market assessment review and does not constitute a commitment, at this time, by United to drill a well. Any potential future drilling programme would be subject to, amongst other matters, the receipt of all necessary regulatory approvals from the Government of Jamaica and execution of commercial agreements.
Appendix
Colibri Prospect:
Source: UOG Interpretation of Walton Morant Seismic data
Thunderball Lead:
Source: UOG Interpretation of Walton Morant Seismic data
Table 1: Over 7 Billion bbls is UOG’s arithmetic sum of the Unrisked Mean/Mid-Case Prospective Resources for each prospect/lead identified within the Walton-Morant Licence boundary by UOG and previous operators.
Name
Assignation
Location
Mean/Mid Prospective Resources (MMBo / MMboe)
Lead 11F
Lead
Walton Basin
1126
Zumbador
Lead
Morant Basin
925
Thunderball
Lead
Morant Basin
603
Colibri
Prospect
Walton Basin
406
Lead D
Lead
Walton Basin
382
Moonraker
Lead
Morant Basin
323
Cascade Central
Lead
Pedro Bank
275
Streamertail
Prospect
Walton Basin
221
Oriole
Prospect
Walton Basin
220
Boag
Lead
Walton Bank
219
Lead 6I
Lead
Walton Bank
205
Goldeneye
Lead
Morant Basin
174
Moneypenny
Lead
Morant Basin
173
Blofeld
Lead
Morant Basin
171
Earspot
Lead
Walton Bank
145
Squire
Lead
Walton Basin
139
Lead 12M
Lead
Walton Basin
133
Lead 6H
Lead
Walton Bank
120
Lead 12V
Lead
Walton Basin
111
Cascade South
Lead
Pedro Bank
101
Lead6Q
Lead
Walton Bank
101
Cascade East
Lead
Pedro Bank
86
Rumpspot
Lead
Walton Bank
85
Lead 7P
Lead
Walton Bank
76
Lead 7N
Lead
Walton Bank
70
Lead 10K
Lead
Walton Basin
70
Lead 12L
Lead
Walton Basin
70
Lead 7T
Lead
Walton Bank
60
Bluefields
Lead
Walton Bank
57
Tody
Prospect
Walton Bank
53
Mango
Lead
Walton Basin
53
Guani
Lead
Walton Bank
53
Lead 12U
Lead
Walton Basin
41
Jaws
Lead
Morant Basin
39
Euphonia
Prospect
Walton Bank
38
Lead 6G
Lead
Walton Bank
38
Booby
Lead
Walton Basin
34
Lead 10B
Lead
Walton Basin
32
Lead 7R
Lead
Walton Bank
28
Lead 7S
Lead
Walton Bank
28
TOTAL
7,2843
END
Glossary
MMBo – Million Barrels of Oil
MMBoe – Million Barrels of Oil Equivalent
Footnotes
¹ Gross Unrisked Mean Prospective Resources per GaffneyCline Report, 2020
2 UOG's Arithmetic sum of the GaffneyClines' Gross Unrisked Mean Case Prospective Resources for Colibri (406 MMbo) and Thunderball (603 MMbo)
3 Over 7 Billion bbls is UOG’s arithmetic sum of the Unrisked Mean/Mid-Case Prospective Resources for each prospect/lead identified within the Walton-Morant Licence boundary by UOG and previous operators
**ENDS**
Enquiries
United Oil & Gas Plc (Company)
Investor Relations
Beaumont Cornish Limited (Nominated Adviser)
Roland Cornish | Felicity Geidt | Asia Szusciak
+44 (0) 20 7628 3396
Tennyson Securities (Joint Broker)
Peter Krens
+44 (0) 20 7186 9030
Shard Capital Limited (Joint Broker)
Damon Heath | Isabella Pierre
+44 (0) 207 186 9900
Beaumont Cornish Limited (“Beaumont Cornish”) is the Company’s Nominated Adviser and is authorised and regulated by the FCA. Beaumont Cornish’s responsibilities as the Company’s Nominated Adviser, including a responsibility to advise and guide the Company on its responsibilities under the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed solely to the London Stock Exchange. Beaumont Cornish is not acting for and will not be responsible to any other persons for providing protections afforded to customers of Beaumont Cornish nor for advising them in relation to the proposed arrangements described in this announcement or any matter referred to in it.
Distribution: This announcement has been notified via a Regulatory Information Service and it is not authorised for distribution into North America or any other jurisdiction where to do so would constitute a violation of the relevant laws or regulations of that jurisdiction.
Notes to Editors
United Oil & Gas is an oil and gas company with a development asset in the UK 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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