An independent Competent Person’s Report (CPR) conducted on United Oil & Gas' (UOG) Walton-Morace licence, offshore Jamaica has resulted in an increased gross unrisked mean oil prospective resources for the project.
The prospective resource estimate is now 229 million barrels, assigned by ERCE to the high-grade undrilled Colibri prospect on the Walton-Morant licence- an increase of 10 MMstb gross compared to previous estimates.
The report also increased the “geological chance of success” for the project.
The CPR represented the first time 3D seismic data was recorded in offshore Jamaica.
United hold a 20% equity interest in the licence with the remainder held by Tullow Oil (TLW) which, after the report’s increase in prospective resources, entitles UOG to 46 million barrels in net mean unrisked prospective resources.
United Oil & Gas PLC CEO, Brian Larkin commented, “This is a standout outcome, as it is not uncommon for volumes to be downgraded when structures, that have previously been identified on 2D seismic, are mapped on a 3D dataset.
The upgrade in the resources assigned to Colibri is testament to the work carried out by the partners, the quality of the licence and the strength of the geological model we have put in place.”
For more news and updates on United Oil & Gas