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May 17, 2018

United Oil & Gas completes 3D seismic survey in Jamaica

United Oil & Gas has completed a 3D seismic acquisition survey of 2,250km² over the Walton-Morant licence that is operated offshore Jamaica by Tullow Oil and includes the high-graded Colibri target.

United Oil & Gas has completed a 3D seismic acquisition survey of 2,250km² over the Walton-Morant licence that is operated offshore Jamaica by Tullow Oil and includes the high-graded Colibri target.

United owns a 20% equity stake in the 32,065km² Walton-Morant licence and the remaining is held by Tullow Oil’s Jamaican subsidiary.

Carried out using the Polarcus Adira vessel, the seismic survey is focused on de-risking several prospective clastic and carbonate reservoir targets.

The targets have been previously mapped by Tullow on reprocessed and reinterpreted 2D seismic data.

In addition, the included Colibri target is estimated to contain more than 200MMstb of gross unrisked mean-case prospective resources.

“The completed 3D seismic survey is key to de-risking Colibri and other structures to the point where they are drill ready.”

United said that the technical case for Colibri is bolstered due to the recent discovery of an active, thermogenically derived offshore oil seep present to the south of the structure.

United Oil & Gas CEO Brian Larkin said: “With prospective resources of over 200mmbbl 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.”

The firm expects to obtain the fast-tracked data by mid-July this year and the final processed data-sets later in the year. An exploration well may be drilled in 2020-2021 depending on the results.

Larkin added: “With work underway to bring the Podere Maiar well into production, appraisal drilling on the Colter structure on course to commence in H2 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.”

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