13th Aug 2018 13:19
LONDON (Alliance News) - Exploration company United Oil & Gas PLC said the Walton-Morant licence operator Tullow Jamaica Ltd delivered a fast track version of a recently acquired 3D seismic dataset.
United holds a 20% interest in the offshore Jamaica licence, with the remainder held by Tullow Jamaica, a wholly owned subsidiary of oil & gas company Tullow Oil PLC.
The 3D seismic survey forms part of a programme focused on de-risking highly prospective clastic and carbonate reservoir targets that have been mapped by Tullow on 2D seismic data.
Among these is Colibri, which has been estimated from 2D data to hold gross mean-case prospective resources of over 200 million barrels.
Processing and interpretation of 3D seismic survey is now underway, United Oil said, adding it intends to update the market once this has been completed and final volumes are available.
"Being able to clearly identify Colibri on the 3D seismic at such an early stage is highly encouraging and with this in mind, we are looking forward to the processing and interpretation work being completed," said United Oil Chief Executive Brian Larkin.
Shares in United Oil were trading 5.2% lower on Monday at 4.41 pence each, while Tullow Oil shares were up 0.4% at 231.40p each.
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