14th May 2018 12:01
LONDON (Alliance News) - United Oil & Gas PLC on Monday said it has completed 3D seismic data acquisition over its Walton-Morant licence ahead of schedule.
The 2,250 square kilometre survey, offshore Jamaica, was planned on de-risking a number of "highly prospective" Cretaceous and Tertiary reservoir targets which had previously been mapped by Tullow Oil PLC on reprocessed 2D data.
United expects a fast-tracked version of the data by mid-July with final results to come later on in the year, and an exploration well could be drilled in 2020 or 2021.
Chief Executive Brian Larkin said: "With prospective resources of over 200mmbbl estimated for the Colibri target alone and with multiple copycat structures already identified, Walton-Morant has clear potential to be transformative for United."
"The completed 3D seismic survey is key to de-risking Colibri and other structures to the point where they are drill ready. We are highly encouraged that the survey has been completed ahead of schedule and we now look forward to receiving the fast-tracked data set in Q2 2018."
Shares were up 7.5% on Monday at a price of 4.57 pence each.
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