Monday 24 September 2018

United safely complete 3D seismic survey on Tullow Oil-operated licence in Jamaica

United Oil & Gas CEO Brian Larkin
United Oil & Gas CEO Brian Larkin
Louise Kelly

Louise Kelly

United Oil & Gas has safely completed a 2,250 sq km 3D seismic acquisition survey in Jamaica, under budget and ahead of schedule.

It was carried out over the Walton-Morant licence, offshore Jamaica, which includes the high-graded Colibri target.

The London Stock Exchange listed company holds a 20pc equity interest in the 32,065 sq km Walton-Morant licence, with the remainder held by Tullow Jamaica Ltd, a subsidiary of Tullow Oil.

"With prospective resources of over 200mmbbl estimated for the Colibri target alone and with multiple copycat structures already identified, Walton-Morant has clear potential to be transformative for United," United CEO, Brian Larkin, said.

"The completed 3D seismic survey is key to de-risking Colibri and other structures to the point where they are drill ready. We are highly encouraged that the survey has been completed ahead of schedule and we now look forward to receiving the fast-tracked data set in Q2 2018."

United expects to receive a version of the data by mid-July 2018 with the final processed data-sets due to be available later in the year.

An exploration well could be drilled in 2020-2021, subject to the results.

Mr Larkin said Walton-Morant is just one of a number of ongoing projects within the company.

"While offshore Jamaica is a high impact exploration opportunity, the recently drilled Podere Maiar gas well in the Po Valley region of Italy and the UK near shore Colter Discovery, which lies in the same play as the prolific Wytch Farm field, are low risk development opportunities," he said.

"With work underway to bring the Podere Maiar well into production, appraisal drilling on the Colter structure on course to commence in H2 2018, and the 3D seismic survey now completed in Jamaica, we are delivering on our objective to expose our shareholders to a diverse series of value trigger events."-

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