This video reports on the United Oil and Gas geochemical exploration program. At the 3 minute mark, Jamaican Energy Minister Daryl Vaz does a good job of expressing optimism about Jamaica’s prospects while downplaying expectations and warning about uninformed rumors.
More difficult to understand is why the Jamaican govt granted 3 license extensions to a company that doesn’t have the financial strength to drill an exploratory well. Would it not have made more sense for the govt to deal directly with stronger companies that want full ownership, not just a share?
In Jamaica’s defense, there may be good reasons for extending United. However, as reported by the Jamaica Observer, United’s financial condition must be a concern:
“The company is also operating under financial constraints. It currently has no producing assets and remains reliant on equity raises and a successful farm-out to fund future activity, according to its latest annual report. That reality makes low-cost, high-information work programmes particularly important.”
Bud's Offshore Energy (BOE) 