REG - United Oil & Gas PLC - Jamaica update

United Oil & GasAnnouncement

22/01/2024 07:30

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RNS Number : 4313A  United Oil & Gas PLC  22 January 2024

United Oil & Gas PLC / Index: AIM / Epic: UOG / Sector: Oil & Gas

 

22 January 2024

United Oil & Gas plc

("United" or "the Company")

Jamaica update

 

United Oil & Gas Plc (AIM: "UOG"), the full-cycle oil and gas company
with a portfolio of production, development, exploration and appraisal assets,
issues the following operations update in relation to our Jamaican asset.

 

Jamaica Update

 

United Oil and Gas Plc is pleased to announce that the terms for a two-year
extension to the Initial Exploration Period of the Walton Morant Licence in
Jamaica, have been agreed with the Ministry of Science, Energy,
Telecommunications and Transport ("MSETT"), pending final signature by MSETT.

 

Following final signature on an amendment to the Production Sharing Agreement
("PSA") the licence will run to 31 January 2026. United is committing to a
programme of technical studies including piston core surveying and seismic
reprocessing.

 

The Walton Morant licence is a 22,400km(2) offshore exploration block situated
to the south of the island of Jamaica. The licence benefits from excellent
data coverage, and this has helped provide compelling evidence for a working
hydrocarbon system and defined multiple plays and material prospects within
the acreage. An independent evaluation of 11 high-graded leads and prospects
indicated the potential for a combined estimated 2.4 billion barrels unrisked
mean prospective resources. The company is seeking a strategic partner to
support its planned work programme, including piston core surveying and
seismic reprocessing. This is expected to further de-risk the acreage, with a
view to drilling the Colibri prospect - estimated to hold unrisked mean
prospective resources of 406 million barrels.

 

United currently holds and operates a 100% equity interest in the Walton
Morant Licence, Jamaica.

 

United Chief Executive Officer, Brian Larkin commented:

 

"We are very pleased to announce the agreement of terms for a two-year license
extension in Jamaica. United has dedicated significant effort to the technical
aspects of this asset, which has over 2.4 billion barrels of unrisked oil
potential and the promising Colibri prospect. This extension will empower us
to confidently continue our farm-out campaign, seeking a strategic partner to
unlock the immense potential in this region. The support from the Government
of Jamaica underscores our relationship and the optimistic industry outlook in
Jamaica. We will continue to focus on the recent positive interest that has
been shown by a number of parties, and with the extended licence, this is a
significant opportunity for the benefit of all stakeholders."

 

 

END

 

 

This announcement contains inside information for the purposes of Article 7 of
Regulation 2014/596/EU which is part of domestic UK law pursuant to the
Market Abuse (Amendment) (EU Exit) regulations (SI 2019/310).

 

 

 Enquiries
 United Oil & Gas Plc (Company)
 Brian Larkin, CEO                                       brian.larkin@uogplc.com (mailto:brian.larkin@uogplc.com)

 Beaumont Cornish Limited (Nominated Adviser)
 Roland Cornish | Felicity Geidt  | Asia Szusciak        +44 (0) 20 7628 3396

 Tennyson Securities (Joint Broker)
 Peter Krens                                             +44 (0) 020 7186 9030

 Optiva Securities Limited (Joint Broker)
 Christian Dennis                                        +44 (0) 20 3137 1902

 Camarco (Financial PR)
 Andrew Turner | Emily Hall | Sam Morris                 +44 (0) 20 3757 4983

 

 

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.

 

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 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 (http://www.uogplc.com)

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