Business
Confirmation of Jamaica Licence Extension
Confirmation of Jamaica Licence Extension.
About this update from United Oil & Gas Plc
[{"type":"text","content":"\n\nUnited Oil & Gas PLC / Index: AIM / Epic: UOG / Sector: Oil & Gas\n \n25 January 2024\nUnited Oil & Gas plc\n(\"United\" or \"the Company\")\nCorporate Update - Confirmation of Jamaica Licence Extension\n \nUnited Oil & Gas Plc (AIM: \"UOG\"), the oil and gas company with a portfolio of development, appraisal and highly prospective exploration assets, issues the following corporate update in relation to its Jamaica licence.\n \nHighlights:\n- Two-year extension of the Jamaican Walton Morant Licence to 31 January 2026.\n- Large 22,400km2 offshore exploration block situated to the south of the island of Jamaica.\n- 2.4 billion bbl of unrisked mean prospective resource potential audited by Gaffney Cline & Associates, including the initial drill ready Colibri prospect of 406 million barrels of unrisked mean prospective resources.\n- Attractive fiscal terms and supportive host government.\n- Potential NPV10 of c. $23 billion* to United at 100% working interest over the c. 25-year production life of the licence based on successful discovery and development of the 2.4 billion bbl of unrisked mean prospective resource potential.\n- Success-case breakeven oil price of c. $25 per bbl*.\n- Conventional exploration and potential development techniques, featuring the potential for a low carbon emissions oil development.\n- Significant interest from potential industry partners with marketing to scale up considerably following confirmation of licence extension.\n \n \nJamaica Update\n \nUnited Oil and Gas Plc is pleased to announce that following the announcement made on 22 January 2024, the Jamaican Ministry of Science, Energy, Telecommunications and Transport (\"MSETT\") have signed an amendment to the Production Sharing Agreement (\"PSA\") therefore confirming the extension of the Walton Morant Licence to 31 January 2026.\n \nDuring this extension, United will undertake additional technical studies including piston core sampling and seismic reprocessing, aimed at further de-risking the petroleum system and better defining the prospects and leads iden...