No Oil Found In Jamaica:The United Oil and Gas Plc (UOG) Clarifies Discoveries in Jamaica Amid Speculation

In the world of oil exploration, rumors can spread quickly, often leading to misunderstandings about a company's activities and discoveries. Recently, United Oil and Gas Plc (UOG) found itself addressing speculations regarding potential oil and gas discoveries off the coast of Jamaica. Here's a closer look at the situation and what it means for the future of exploration in the region.

 No Discoveries Yet: UOG Sets the Record Straight

On Tuesday, United Oil and Gas Plc made it clear that despite recent buzz on social media, the company has not drilled any wells in Jamaica. Consequently, there have been no commercial discoveries of oil or gas in the region. This clarification was necessary to dispel any misconceptions and to provide accurate information to stakeholders and the public.

Focus on Exploration: The Walton-Morant Licence

UOG holds the Walton-Morant licence, an extensive exploration area spanning approximately 22,400 square kilometers off Jamaica’s south coast. This licence grants the company a 100% working interest, highlighting its commitment to exploring the resource potential within this vast area. The company is currently engaged in a farm-out process, seeking strategic partners to help unlock the region's potential.

According to Brian Larkin, CEO of United Oil and Gas, “The Walton-Morant Licence is a vast exploration area containing numerous promising prospects. We are committed to improving our understanding of the resource potential within the licence area.” This commitment underlines the company's strategic approach to exploration in Jamaica.

Upcoming Work Programme: Piston Core Sampling

Looking ahead to 2024, UOG is focused on a work programme that includes piston core sampling. This method is crucial for detecting any oil residues in the seabed, which could indicate the presence of oil reserves. By conducting these preliminary tests, UOG aims to identify future drilling targets based on concrete evidence rather than speculation.

Larkin emphasized the importance of this programme, stating, “We continue working to secure a strategic partner to unlock the immense potential within the licence, including recent positive interest that has been shown by several parties.” This proactive approach demonstrates UOG's dedication to exploring and developing the Jamaican offshore resources responsibly.

Strategic Partnerships and Future Updates

As UOG progresses with its work programme, the company is actively seeking to secure strategic partnerships that can aid in its exploration efforts. The interest from various parties indicates the potential that industry players see in Jamaica's offshore resources. Following an extension to the Walton-Morant licence, UOG is poised to advance its exploration activities.

The company has committed to keeping the market updated on its progress and any significant developments in its exploration efforts. Stakeholders can expect further announcements as UOG continues to assess the promising prospects within its licence area.

CREDIT : https://www.jamaicaobserver.com