United Oil & Gas (LSE:UOG) has appointed NRG Well Management to conduct a drilling rig and long-lead availability study for its Walton-Morant exploration licence offshore Jamaica.
The study will assess available drilling rigs, indicative day rates, procurement timelines and regional logistics as United continues its farm-out process for the licence.
NRG will engage with international drilling contractors and supply-chain providers to gather current market information for potential future drilling operations.
The work will support planning for possible exploration wells targeting the Colibri and Thunderball prospects. United said the two prospects have combined mean prospective resources of more than 1 billion barrels within a wider portfolio containing approximately 7 billion barrels of mean prospective resources.
Prospective resources represent estimated quantities associated with undiscovered accumulations and are not reserves.
Study Does Not Commit United to Drilling
United said the study is intended to develop its operational planning and does not represent a commitment to drill an exploration well.
Any future drilling programme would remain subject to factors including regulatory approvals in Jamaica and the completion of commercial agreements.
The company expects the information gathered by NRG to support discussions with potential farm-out partners by providing updated estimates covering rig availability, costs, procurement requirements and potential drilling schedules.
More about United Oil & Gas Plc
United Oil & Gas Plc is an AIM-listed oil and gas company with assets in the UK and Jamaica.
Its portfolio includes the Walton-Morant offshore exploration licence in Jamaica, where the company is progressing technical and operational work alongside a farm-out process.
The company also holds a development asset in the UK and focuses on upstream oil and gas exploration and development.
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