Business
CPR upgrades Jamaica prospect to 229million bbls
CPR upgrades Jamaica prospect to 229million bbls.
About this update from United Oil & Gas Plc
[{"type":"text","content":"\n \nRNS Number : 6645Q United Oil & Gas PLC 21 February 2019 \n\nUnited Oil & Gas PLC / Index: LSE / Epic: UOG / Sector: Oil & Gas \n21 February 2019\nUnited Oil & Gas PLC (\"United\" or the \"Company\") \nCPR upgrades offshore Jamaica prospect to 229million barrels on Tullow Oil-operated licence\n \nHighlights\n· High impact licence further upgraded by CPR based on new 2018 3D seismic data\n· 229 MMstb of Gross Unrisked Mean Oil Prospective Resources has been assigned by ERCE to the high-grade undrilled Colibri prospect on the Tullow Oil-operated Walton-Morant licence, offshore Jamaica - an increase of 10 MMstb gross compared to previous estimates\n· The CPR assesses just one of a number of other structures the Company has identified in the licence\n· The increase in Gross Unrisked Mean Prospective Resources provides encouragement as progress is made towards a joint farm-down process\n \nUnited Oil & Gas Plc, the London Stock Exchange listed oil and gas exploration and development company, is pleased to announce the results of an independent Competent Person's Report ('CPR') prepared by ERC Equipoise Ltd ('ERCE') covering the Walton-Morant licence ('the Licence'), offshore Jamaica. This includes an increase in Gross Unrisked Mean Oil Prospective Resources for the high grade undrilled Colibri prospect to 229 MMstb recoverable from 219 MMstb, and an increase in the geological chance of success. United holds a 20% equity interest in the 32,065 sq km Licence, with the remainder held by Tullow Jamaica Ltd ('Tullow'), a wholly owned subsidiary of leading independent oil and gas exploration and production company Tullow Oil plc (LSE: TLW).\n \nERCE was commissioned to update its 2017 volumetrics for the undrilled Colibri prospect following the acquisition of 2,250 sq km of state-of-the art 3D seismic data, the first ever acquired offshore Jamaica, in May 2018. The CPR represents the culmination of a defined work programme to de-risk highly prospective Cretaceous and Tertiary-aged clastic and carbonate reservoir targets, including Colibri, that have been mapped by Tullow on 2D seismic data. ERCE's updated volumetrics for Colibri are detailed in the table below:\n \n\n\n\nColibri Prospect, Walton-Morant...