Irish stock market listed oil and gas explorer, United Oil and Gas, has taken on Tullow’s 80pc stake in the Walton Morant licence in Jamaica.
United Oil & Gas announced on Monday that it had received approval from the Jamaican Government to take forward the Walton Morant Licence on a 100pc operated basis.
An initial exploration period for the prospect has been extended for 18 months by the Government of Jamaica, giving United until January 31st 2022 before a “drill-or-drop” decision is required.
United already held the other 20pc stake and there was a nominal fee for taking full control, the company said.
A portion of the licence has been voluntarily relinquished, leaving a more focussed area of c. 22,400km2 that still incorporates all of the identified prospect sites.
A farm-out process is ongoing, and United said it looked forward to taking full ownership of the process and driving it forward.