With more than a billion barrels of oil in its sights, Ireland-headquartered and AIM-listed United Oil & Gas (UOG) is laying the groundwork for its next offshore move to sweeten the pitch for prospective partners in the Caribbean, with a fresh study that maps out a double-digit rig pool, local logistics, and long-lead equipment for its high-impact Walton-Morant license off the coast of Jamaica.
United Oil & Gas has disclosed positive results from the drilling rig and long-lead availability study undertaken by NRG Well Management (NRG) for the Walton Morant license, offshore Jamaica, which was progressed in parallel with and in support of the company's farm-out process. The firm emphasizes that its immediate focus is firmly on concluding its ongoing farm-out discussions.
The AIM-listed player underlines that this study has identified a clear pathway to delivering a future exploration campaign, with a substantial rig pool of suitable available rigs all assessed against capability, timing, and regional positioning; key long-lead requirements outlined, including critical equipment, sourcing options, and procurement timelines; and a Jamaica-based logistics model identified, combining local port infrastructure and services with specialist regional offshore services.
Brian Larkin, Chief Executive Officer, commented: “The completion of this study is an important step forward for the Walton-Morant license. It supports our ongoing farmout process, providing practical insight into rig and equipment availability and critical path items required to access the greater than 1 billion barrel mean prospective resources contained within Colibri and Thunderball, representing two targets within our portfolio of 40 leads and prospects containing over 7.2 billion barrels of prospective resources.
The study has identified a substantial pool of rig candidates relevant to our potential drilling window, assessed key long lead items and outlined a Jamaica-based logistics solution for potential future operations. This gives prospective farm-in partners immediate, practical and usable information on the potential delivery of a future exploration campaign on the Walton-Morant license. With this work now complete, our immediate focus remains on concluding the farm-out process.”
List of drilling prospects offshore Jamaica; Source: UOG
The study assessed the relevant offshore drilling market across established international drilling contractors and high-graded a double-digit pool of rig candidates for potential alignment with the potential drilling window. The breadth of the identified rig pool provides flexibility around future rig selection and campaign planning and positions United and future partners to respond to rig opportunities as they become available from regional drilling programs.
The assessment covers Colibri, in approximately 750 meters water depth, and Thunderball, a potential follow-on well in approximately 1,900 meters water depth. Colibri has a mean prospective resource of 406 million barrels of oil, while Thunderball has a mean prospective resource of 603 million barrels of oil and forms part of a wider series of large, tilted fault-block structures in the Morant Basin.
Thunderball lead; Source: UOG
According to the company, the study identified a Jamaica-based logistics model combining existing port and commercial infrastructure with specialist offshore services and equipment sourced from established regional hubs. Existing Jamaican capabilities identified include port and project cargo operations, storage and laydown, heavy lifting, marine fuel supply, and customs and freight forwarding, which can be complemented by specialist offshore services sourced from established regional centers.
United’s study has outlined the principal long-lead requirements for future drilling, while direct supplier engagement has clarified equipment availability, sourcing options, and procurement timelines, enabling the firm and its future partners to align procurement with target drilling windows.
The AIM-listed player underlined: “This study is a forward-planning and market assessment review and does not constitute a commitment, at this time, by United to drill a well.
“Any potential future drilling program would be subject to, amongst other matters, the receipt of all necessary regulatory approvals from the government of Jamaica and execution of commercial agreements.”