Business Irish

Saturday 24 August 2019

United Oil & Gas in farm-in agreement with Tullow

United Oil & Gas CEO Brian Larkin
United Oil & Gas CEO Brian Larkin
Ellie Donnelly

Ellie Donnelly

United Oil & Gas has farmed into the Tullow Jamaica operated Walton-Morant licence located offshore Jamaica.

The agreement, which is subject to approval from the Petroleum Corporation of Jamaica, will see United have a 20pc equity interest in the Walton-Morant exploration licence.

Tullow entered the Walton-Morant licence, which covers an area in excess of 32,000km sq., in October 2014.

In addition to securing a large portfolio of legacy 2D seismic data, Tullow also acquired a further 3,650km of 2D seismic in 2016 and 2017.

The Walton Morant licence offers a commanding Caribbean exploration opportunity with access to play diversity across three geological basins, a statement from United said.

Recent work has demonstrated evidence of the presence of a working petroleum system, including physical evidence of oil through seep and hydrocarbon shows in 10 of the 11 wells drilled in the area so far.

"This acreage is well known to the United team and we are very excited at the prospect of participating in this high impact campaign," Brian Larkin, United CEO, said.

Mr Larkin, who is a veteran of both Tullow Oil and Providence Resources, went on to say that the company would continue to evaluate further potential farm-in and acquisition opportunities.

Founded in 2016, United initially raised funding through private investment. This summer the company listed on the London stock market, raising £3m in the process.

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