REG - United Oil & Gas PLC - Walton Morant Licence Extension Secured

United Oil & GasAnnouncement

27/03/2025 07:15

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RNS Number : 3842C  United Oil & Gas PLC  27 March 2025

27 March 2025

United Oil & Gas plc
("United" or the "Company")

Walton Morant Licence Extension Secured - Farm-Out Discussions Advance

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 that it has secured an early two-year extension to the
Walton Morant licence offshore Jamaica, now valid until 31 January 2028, where
it holds a 100% working interest.

The Company would like to formally acknowledge and thank the government and
people of Jamaica for the continued support of oil and gas exploration in
Jamaica. The extension provides UOG with the security required to advance
discussions with farm-in partners and progress technical work, reinforcing the
significant exploration potential of this licence.

Farm-Out Process and Partner Interest

With the extended tenure confirmed, United have re-engaged with selected
parties who had previously expressed interest before the farm-out process was
suspended in December 2024, as well as new interest from additional groups.
At present, multiple companies are under Non-Disclosure Agreements
(NDAs) and actively reviewing data as part of the farm-out process.

Further updates on the farm-out process and technical progress will be
provided as appropriate.

Brian Larkin, CEO of United Oil & Gas, commented:

"The Walton Morant Licence presents a compelling frontier exploration
opportunity for investors, offering exposure to a world-class frontier basin
with multi-billion-barrel potential. Securing this early licence extension
until 31 January 2028, is crucial to progressing our work programme, and
ensuring stability and regulatory certainty sought by potential farm-in
partners. We appreciate the support of the government and people of Jamaica
 in advancing exploration efforts in Jamaica.

 

With multiple parties now under NDA and re-engagement with previously
interested parties, we are well-positioned to secure the right strategic
partner to help unlock this asset's potential. Our current work programme is
designed to further de-risk the licence, and with returning sentiment to
high-impact frontier exploration opportunities, the Walton Morant Licence
stands out as an exceptional investment case."

 

 

**ENDS**

 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) 20 7186 9030

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

 Shard Capital Limited (Joint Broker)                   +44 (0) 207 186 9900

 Damon Heath | Isabella Pierre

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.

 

 

 

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