United Oil and Gas Plc (UOG) has stated that no commercial oil or gas has been discovered in Jamaica, contrary to recent speculation on social media. In a press release issued on Tuesday, the company emphasized that it has not drilled any wells in Jamaica, and therefore no commercial discoveries have been made.
United Oil and Gas currently holds the Walton-Morant licence, a 22,400 square kilometer offshore exploration area located off Jamaica’s south coast. The licence, which UOG acquired for exploration, grants the company a 100 percent working interest in the area. The company is actively engaged in a farm-out process, seeking to attract a strategic partner to further its exploration efforts.
Brian Larkin, CEO of United Oil and Gas, highlighted the potential of the Walton-Morant licence area, stating, “The Walton-Morant Licence is a vast exploration area containing numerous promising prospects. We are committed to improving our understanding of the resource potential within the licence area.”
For 2024, UOG’s exploration activities will focus on piston core sampling to detect any potential oil residue in the area. This preliminary exploration step is crucial in determining future drilling targets. Larkin mentioned that the company has secured an extension to the Walton-Morant licence and that their work program is underway.
Larkin also noted the interest shown by several parties in collaborating on the Walton-Morant project, underscoring the region’s potential for future energy exploration. “We continue working to secure a strategic partner to unlock the immense potential within the licence,” Larkin added, pledging to update the market with any significant developments at the appropriate time.
This clarification from United Oil and Gas comes amidst heightened public interest and speculation about Jamaica’s potential as an oil and gas producer. However, as it stands, no commercial quantities of oil or gas have been found, and further exploration is necessary to fully understand the potential of Jamaica’s offshore resources.
