Bud's Offshore Energy (BOE)

Per UOG, the rig study:

• Supports the farm-out process by providing potential farm-in partners clarity on the execution pathway for a future exploration campaign
• Identifies a double-digit pool of suitable available rigs all assessed against capability, timing and regional positioning
• Affirms that the key Colibri target well (406 MMbo) and the deeper-water Thunderball follow-on (603 MMbo) could be targeted in a single exploration campaign
• Identifies a Jamaica-based logistics model that combines local port infrastructure and services with specialist regional offshore services
• Outlines long-lead requirements identifying critical equipment, sourcing options and procurement timelines

UOG has also posted a video describing the existing Jamaican infrastructure:

This is all good, but UOG is barely solvent and has yet to secure a partner after years of trying. Are their terms unreasonable or are other companies less optimistic about the production potential? Decisions by the Govt of Jamaica to grant UOG multiple license extensions, the latest through 1/31/2028, are puzzling.

UOG’s stock trades well below £1 per share (currently 0.23 GBX/share) on the London Exchange.