United Oil and Gas today announced the results of an independent evaluation of Prospective Resources that has been prepared by Gaffney Cline & Associates (Gaffney Cline) covering the Walton Morant licence, offshore Jamaica, which is now held 100% by United. 

Map source: United Oil & Gas

Highlights(1)

• New independent Prospective Resource report from Gaffney Cline deepens understanding of the world class potential of Walton Morant licence
• Unrisked mean prospective resources of over 2.4 billion barrels assigned across 11 prospects and leads(2)
• 406 MMbbls gross unrisked mean Prospective Resource estimate for the Colibri Prospect, the prime exploration target on the licence - an uplift of 77% compared to previous independent report
• First independent review of Morant Basin indicates major potential including Thunderball lead with mean unrisked recoverable prospective resources of 603 MMbbls

(1) All resources figures referred to above are mean unrisked prospective resources stated both gross and net to United
(2) Summation made by UOG management based on the GaffneyCline analysis

Jonathan Leather, Chief Operating Officer, United Oil and Gas, commented:
"United has long held the view that the Walton Morant Basin is a highly prospective and exciting basin, with billion-barrel potential.  This is the second independent report on the licence and the first to explore prospects across the full basin. The results are exceptionally positive and support our strong conviction that this is a transformational asset.

"While the 77% uplift in the unrisked mean Prospective Resource estimate for Colibri, our main target in the Walton Basin, is an excellent result, we are just as excited about seeing the multi-billion-barrel potential of the licence as a whole. A successful outcome for Colibri now opens up even greater possibility in this region.

"Since concluding the agreement with the Jamaican Government to take on operatorship earlier this year, and informed by feedback from companies who have engaged with United and the previous licence operator in the data-room process, United has been making good progress on the committed work programme, and the CPR results here are another step towards reaching the Company's ultimate goal of being in position to drill the first exploration well offshore Jamaica for over 40 years. We are actively seeking partners to join us in making this happen - and unlocking the potential that is clearly present in Jamaica. This latest verification of potential will greatly help in that goal."

KeyFacts Energy: United Oil & Gas Jamaica country profile