KEYFACT Energy
United Oil & Gas Plc (UOG) announces the completion of the farm-in and the transfer of the 20 per cent. interest in the Walton-Morant Licence, offshore Jamaica from Tullow Jamaica Limited ("Tullow") to UOG.
The Company confirms that the Petroleum Corporation of Jamaica ("PCJ") has granted its approval to the assignment, assumption of obligations and transfer of the 20 per cent. interest in the Walton-Morant Licence to UOG with the effect from 1st March. Accordingly, Tullow, the operator, has now 80 per cent. interest and UOG 20 per cent. interest in the Walton-Morant Licence.
In addition, the Company has been informed by Tullow that it intends to commence acquiring the 3D seismic focusing on the high-graded Colibri lead in March 2018.