United Oil & Gas announces completion of 3D seismic survey offshore Jamaica

5/15/2018

DUBLIN -- United Oil & Gas Plc, the London Stock Exchange listed oil and gas exploration and development company, is pleased to announce the completion of a 2,250 km2 3D seismic acquisition survey over the Walton-Morant licence, offshore Jamaica, which includes the high-graded Colibri target. United holds a 20% equity interest in the 32,065 km2 Walton-Morant licence, with the remainder held by the operator, Tullow Jamaica Ltd, a wholly owned subsidiary of Tullow Oil Plc, independent oil and gas exploration and production company.

The 3D seismic survey, the first in Jamaica, was completed safely, under-budget, approximately a week ahead of schedule by the Polarcus Adira vessel. The survey is centred on de-risking a number of highly prospective Cretaceous and Tertiary aged clastic and carbonate reservoir targets that have previously been mapped by Tullow on reprocessed and reinterpreted 2D seismic data. As mentioned, these include the Colibri target, which has been estimated to hold gross, unrisked, mean-case prospective resources of over 200 MMstb. The technical case for Colibri is further strengthened by the recent identification of an active thermogenically derived offshore oil seep to the south of the structure.

The company expects to receive a fast-tracked version of the data by mid-July 2018, with the final processed data-sets due to be available later in the year. Subject to the results, an exploration well could be drilled in 2020-2021, with success significantly de-risking numerous follow-up structures that have already been identified across the licence.

United CEO, Brian Larkin, said, "With prospective resources of over 200 MMbbl estimated for the Colibri target alone, and with multiple copycat structures already identified, Walton-Morant has clear potential to be transformative for United. The completed 3D seismic survey is key to de-risking Colibri and other structures to the point where they are drill-ready. We are highly encouraged that the survey has been completed ahead of schedule and we now look forward to receiving the fast-tracked data set in Q2 2018."

“Walton-Morant is just one of a number of projects within United’s growing portfolio of exploration and development projects," said Larkin. "While offshore Jamaica is a high impact exploration opportunity, the recently drilled Podere Maiar gas well in the Po Valley region of Italy and the UK, near-shore Colter Discovery, which lies in the same play as the prolific Wytch Farm field, are low risk development opportunities. With work underway to bring Podere Maiar well into production, appraisal drilling on the Colter structure is on course to commence in second-half 2018, and the 3D seismic survey now completed in Jamaica, we are delivering on our objective to expose our shareholders to a diverse series of value trigger events. This is an exciting period for United and I look forward to providing further updates on our progress.”

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