United Oil & Gas (LSE:UOG) has reported the completion of a drilling rig and long-lead equipment availability study for its Walton Morant offshore exploration licence in Jamaica, providing additional technical and logistical information to support its ongoing farm-out process.
The study, conducted by NRG Well Management, assessed the availability of suitable drilling rigs, equipment procurement requirements and logistical arrangements for a potential offshore exploration campaign.
According to United Oil & Gas, the review identified a range of rigs capable of supporting drilling operations at Walton Morant, alongside options for using existing Jamaican port facilities and support infrastructure.
The findings also outline procurement timelines for equipment with extended delivery periods, providing a framework for planning future drilling activities.
The study examined potential drilling campaigns targeting the Colibri prospect and Thunderball lead, which have combined unrisked mean prospective resources of approximately 1,009 million barrels.
Colibri is located in water depths of around 750 metres, while Thunderball lies in approximately 1,900 metres of water.
Both targets form part of the wider Walton Morant licence, which contains 40 identified leads and prospects with an aggregate unrisked mean prospective resource estimate exceeding 7.2 billion barrels.
These figures represent estimated quantities of potentially recoverable hydrocarbons in undrilled prospects rather than confirmed discoveries or reserves.
United Oil & Gas is seeking a farm-out partner to help advance exploration at Walton Morant. The company expects the study to provide prospective partners with further information on drilling requirements, equipment availability and operational planning.
The assessment indicates that multiple rig options may be available for a future campaign, although the company has not announced a rig contract, drilling commitment or confirmed exploration timetable.
The completion of the study represents a further preparatory step in the licence’s development, with future drilling dependent on commercial arrangements and subsequent operational decisions.
For investors, the principal development is the additional planning information now available to support farm-out discussions.
The next milestones will include progress in securing a farm-in partner, establishing funding arrangements and determining whether a drilling programme will proceed.
The Walton Morant licence remains at the exploration stage, and the prospective resource estimates are subject to geological and commercial uncertainty until drilling establishes whether recoverable hydrocarbons are present.
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