United Oil and Gas upbeat on Walton Morant oil prospecting license in Jamaica




LONDON - United Oil & Gas Plc has announced significant progress on the Walton Morant License, situated offshore Jamaica, following an early two-year extension granted for the exploration period, now set to expire on January 31, 2028. The company has reported that multiple parties are currently reviewing data under Non-Disclosure Agreements (NDAs) as part of an advancing farm-out process.

The Walton Morant Licence has gained attention due to its substantial unrisked prospective resources, which United’s internal estimates place at approximately 7 billion barrels. Additionally, the development and breakeven costs in a success scenario are estimated at around $8.5 per barrel and $25 per barrel, respectively. United Oil & Gas has also cited a net present value (NPV10) of roughly $23 billion, based on Gaffney Cline’s assessment of 2.4 billion unrisked mean prospective resources, assuming an $80 per barrel oil price and 2% inflation.

The licence area, covering 22,400 square kilometers, includes over 40 identified leads and prospects, with eleven of these independently verified by Gaffney-Cline. The Walton and Morant basins, comprising the licence, present high-impact exploration potential with prospects such as Colibri, Oriole, and Streamertail in the Walton Basin, and Thunderball and Moonraker in the Morant Basin.


United Oil & Gas CEO Brian Larkin expressed optimism about the licence’s potential, emphasizing the world-class exploration opportunities and the strong interest from potential partners. The company is currently in the planning and permitting stages of their work programme, focusing on technical de-risking activities, including reservoir analysis and seismic data reprocessing.


The Walton Morant Licence is described as a unique frontier oil and gas opportunity, comparable to ExxonMobil (NYSE:XOM)’s Stabroek Block in Guyana. With Jamaica being one of the last great frontier exploration regions, the licence offers a transformational opportunity for United Oil & Gas and potential partners.

This update is based on a press release statement from United Oil & Gas Plc, and further information on the technical progress and outcomes of the farm-out process will be provided by the company as it becomes available.


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