Business
Latin America Farm-In Agreement
Latin America Farm-In Agreement.
About this update from United Oil & Gas Plc
[{"type":"text","content":"\n \nRNS Number : 5287X United Oil & Gas PLC 27 November 2017 \n\n 27 November 2017 \n \nUnited Oil & Gas Plc \n (\"UOG\", \"United\" or the \"Company\")\nLatin America Farm-In Agreement\n \nUnited Oil & Gas Plc (\"UOG\", \"United\" or the \"Company\"), the London Stock Exchange listed oil and gas exploration and development company, is pleased to announce an agreement to farm-in to the Tullow Jamaica Ltd (\"Tullow\") operated Walton-Morant licence, offshore Jamaica.\n \nSubject to approval from the Petroleum Corporation of Jamaica (PCJ), United has signed an agreement with Tullow to farm-in to the Walton-Morant licence at a 20% equity interest. Tullow entered the Walton-Morant licence, which covers an area in excess of 32,000km2, in October 2014. In addition to securing a large portfolio of legacy 2D seismic data, Tullow also acquired a further 3,650km of 2D seismic in 2016 and 2017. Interpretation of the data set has identified attractive Cretaceous and Tertiary aged clastic and carbonate reservoir targets and Tullow now intends to conduct a 2,000km2 3D seismic survey in H1 2018 focusing on the high-graded Colibri lead.\nThe Walton Morant Licence, offshore Jamaica, offers a commanding Caribbean exploration opportunity with access to play diversity across three geological basins. Only 11 wells have been drilled in the area to date, and despite difficulties with well placement due to a lack of seismic control, 10 of these encountered hydrocarbon shows. Recent work, including extensive onshore fieldwork, has confirmed the presence of all the elements required for...