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United Oil & Gas gets until 2022 to explore Jamaican prospect

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Image of oil platform while cloudless day. Oil platform on sea is offshore structure with facilities to drill wells, extract and process oil and natural gas and temporarily store produced goods until it can be brought to the shore for refining.

Image of oil platform while cloudless day. Oil platform on sea is offshore structure with facilities to drill wells, extract and process oil and natural gas and temporarily store produced goods until it can be brought to the shore for refining.

Image of oil platform while cloudless day. Oil platform on sea is offshore structure with facilities to drill wells, extract and process oil and natural gas and temporarily store produced goods until it can be brought to the shore for refining.

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.

Online Editors