Attached is a good update on the Walton Morant license offshore Jamaica. Note that the large Exxon deepwater block offshore Trinidad (7765 sq km) is only 1/3 the size of the massive Walton Morant license (22,400 sq km), and that the Walton Morant license is nearly 1000 times the size of a deepwater Gulf of America lease block.
Posts Tagged ‘United Oil and Gas’
Jamaica exploration update
Posted in Jamaica, Offshore Energy - General, tagged exploration, Jamaica, United Oil and Gas, Walton Morant License on August 28, 2025| Leave a Comment »
Jamaica exploration: UOG is ramping up the promotion; will they secure the necessary partner(s)?
Posted in energy policy, Jamaica, Offshore Energy - General, tagged Jamaica, license extenstions, next Guyana, partner search, United Oil and Gas, Walton Morant License on June 19, 2025| Leave a Comment »
While Jamaica’s Walton Morant Block has impressive potential, that doesn’t equate to oil and gas reserves, and speculation about the “next Guyana” is highly premature.
The block’s licensee, United Oil & Gas (UOG), lacks the financial resources to fulfill its drilling commitment, and is thus dependent on finding industry partners. The Government of Jamaica has generously granted multiple license extensions to UOG, the latest through 1/31/2028.
Will UOG succeed in their quest for partners? Is the confidence expressed below justified? Stay tuned.
Jamaica update: another extension for United Oil and Gas
Posted in Jamaica, Offshore Energy - General, tagged 7 billion barrels, Jamaica, license extended, United Oil and Gas, Walton Morant License on April 25, 2025| 1 Comment »
United Oil & Gas Plc (AIM: “UOG”), the oil and gas company with a high-impact exploration asset in Jamaica and a development asset in the UK, is pleased to announce that it has secured an early two-year extension to the Walton Morant licence offshore Jamaica, now valid until 31 January 2028, where it holds a 100% working interest.
The Company would like to formally acknowledge and thank the government and people of Jamaica for the continued support of oil and gas exploration in Jamaica. The extension provides UOG with the security required to advance discussions with farm-in partners and progress technical work, reinforcing the significant exploration potential of this licence.
With the extended tenure confirmed, United have re-engaged with selected parties who had previously expressed interest before the farm-out process was suspended in December 2024, as well as new interest from additional groups. At present, multiple companies are under Non-Disclosure Agreements (NDAs) and actively reviewing data as part of the farm-out process.
Comments:
- The Jamaican govt not only granted a second 2 year license extension, but they did so 10 months before the deadline. Could the upcoming elections, scheduled for later this year, have been a factor in the timing of their decision?
- Does the govt have that much confidence in a company that is dependent on finding a partner to fund an exploration well?
- If the license had been allowed to expire, was the govt concerned about administrative or political constraints associated with re-offering the license area?
- United Oil and Gas excels at promotion and isn’t shy about making bold statements about their Walton-Morant license. They have been talking for several years about strong interest from prospective partners, but no deal has been made.
- United’s estimate of 7 billion barrels for the license area represents the sum of the prospective unrisked resources for each prospect. The resource estimate is dependent on oil being discovered and developed at each prospect, and is thus speculative.
The next Guyana? “String of Pearls” offshore Jamaica?
Posted in Alaska, Guyana, Jamaica, Offshore Energy - General, tagged Jamaica, next Guyana, string of pearls, United Oil and Gas on July 31, 2024| Leave a Comment »
United Oil and Gas excels at promotion and isn’t shy about making bold statements. Can they find a strong partner and move their Jamaican exploration program forward?
The term “string of pearls” was used about 30 years ago to describe discoveries in the Beaufort Sea and on adjacent Alaska lands. Although they were modest individually (by Arctic standards), the sense was that these discoveries would collectively support sustained production in the region. While there has been some success in that regard, the optimistic expectations have not been realized.
Below is a recent United Oil & Gas presentation to prospective investors. Previous Jamaica posts.
Checking in on Jamaica
Posted in Jamaica, Offshore Energy - General, tagged Herona Thompson, Jamaica, United Oil and Gas, Walton Morant License on June 21, 2024| Leave a Comment »
Good interview with United’s Country Manager for Jamaica, Herona Thompson:
Exciting investment opportunity?
Posted in energy policy, Jamaica, Offshore Energy - General, tagged Jamaica, United Oil and Gas, Walton Morant License on April 29, 2024| Leave a Comment »
As reported in January, United Oil and Gas received a 2 year extension from the Government of Jamaica on their Walker Morant License. Below is a United video produced for prospective partners.
While the investment risk is undeniable, the reward potential is high.
Below is an interesting slide from the United presentation that compares the government’s take of production revenues for various African and S. American nations.
Important Jamaica update: United Oil and Gas gets the extension
Posted in Jamaica, Offshore Energy - General, tagged extenstion, farmout, Jamaica, United Oil and Gas, Walton Morant License on January 23, 2024| Leave a Comment »
“We are very pleased to announce the agreement of terms for a two-year license extension in Jamaica. United has dedicated significant effort to the technical aspects of this asset, which has over 2.4 billion barrels of unrisked oil potential and the promising Colibri prospect. This extension will empower us to confidently continue our farm-out campaign, seeking a strategic partner to unlock the immense potential in this region. The support from the Government of Jamaica underscores our relationship and the optimistic industry outlook in Jamaica. We will continue to focus on the recent positive interest that has been shown by a number of parties, and with the extended licence, this is a significant opportunity for the benefit of all stakeholders.”
United Chief Executive Officer, Brian Larkin, 1/22/2024
Back to the drawing board for United Oil and Gas?
Posted in Jamaica, Offshore Energy - General, tagged farmout, Jamaica, license extension, United Oil and Gas, Walton Morant License on November 29, 2023| Leave a Comment »
Further to the announcement of 9th November, the Company has been informed by the counterparty that had been identified as a preferred potential partner, that they no longer wish to pursue further discussions in relation to participation in the Walton Morant Licence. The Company will now focus on the recent positive interest that has been shown by other parties in potentially participating in this high impact exploration opportunity and United and our advisors will continue in our efforts to secure a partner. The Board believes that the renewed interest in exploration opportunities worldwide which is being driven by the strong future demand for oil and gas, will support our farmout efforts.
The Company continues to engage with the Jamaican authorities to secure an extension to the current licence period which expires at the end of January 2024, with a negotiated work programme that comprises additional technical work that would further de-risk the licence prior to the drilling of the exploration well. This work is aimed at materially enhancing the risked value of the Company’s interest in the Licence. Additional updates on both the farmout process and licence extension will be provided in due course
United Oil and Gas
Comments:
- I’m very curious about the companies that United has been talking to, but that information is understandably being withheld. I would hope that the Jamaican government is being kept informed, since they will presumably have to approve the farmout.
- Conducting “additional technical work” is a common lease/license extension tactic. It will be interesting to see how the Jamaican government responds, particularly if a firm date for an exploratory well has not been provided.
Jamaica update from United Oil and Gas as license expiration nears
Posted in Jamaica, Offshore Energy - General, tagged farmout, Jamaica, license extension, United Oil and Gas, Walton Morant License on November 13, 2023| Leave a Comment »
For the past 2 years, BOE has been following the news releases on the Walton-Morant license offshore Jamaica. While the updates from United Oil and Gas are consistently upbeat, a repeating theme has been the need for more time to secure a partner and prepare for exploratory drilling.
Per the most recent update (below), United announces that they have identified a “preferred potential partner” and are seeking an extension on their license. So far, we have only heard from United. As the expiration date of the license approaches, an update from the Jamaican government’s perspective would seem to be appropriate.
The Company is currently engaged in discussions with a preferred potential partner that has been identified through the farmout process, to participate alongside United in the Walton Morant Licence in Jamaica. Furthermore, the Company is engaging with the Jamaican authorities to secure an extension to the current licence period which expires at the end of January 2024, so as to provide sufficient time to progress additional technical work on the block to support the drilling of an exploration well. Additional updates on both the farmout process and licence extension will be provided in due course.
We are encouraged by the continued progress in relation to the farmout process in Jamaica, as we look to unlock the material value contained in this block and deliver value to our stakeholders, including the people of Jamaica. We are entering a critical stage in the farm-out process and will provide an update to the market as this progresses.
United Chief Executive Officer, Brian Larkin
Jamaica update – the suspense builds
Posted in Jamaica, Offshore Energy - General, tagged drilling partner, exploratory drilling, Jamaica, United Oil and Gas, Walton Morant License on October 4, 2023| Leave a Comment »
Per the Jamaica Gleaner:
United Oil and Gas Plc, which holds the right to search for oil offshore Jamaica, gave notice to investors that it would announce a preferred drilling partner in weeks.
The UK-based explorer requires a partner to split the risk for drilling offshore, which it estimates at US$30 million.
United Oil holds oil and gas assets in Egypt, United Kingdom and a high-impact exploration licence in Jamaica. Its net worth, at US$27.7 million, is less than the cost to drill a test well, but its team of professionals are betting on the island.
Bud's Offshore Energy (BOE) 