Press

United Oil & Gas Plc Delivers Fast Track 3D Seismic Data on Tullow Oil-Operated Licence, Offshore Jamaica

Posted by OilVoice Press - OilVoice

13-Aug-2018


Delivery of fast track 3D seismic data on Tullow Oil-operated licence, offshore Jamaica

Highlights

  • Delivery of fast track 3D seismic data following completion of 2,250 sq km survey over Walton-Morant licence ahead of schedule and under budget
  • High-grade Colibri target can be clearly identified on this new dataset
  • Processing and interpretation of data underway - initial opinion is that the product is of excellent quality, and work now focused on further de-risking multiple targets including Colibri

United Oil & Gas Plc, the London Stock Exchange listed oil and gas exploration and development company, is pleased to announce that the fast track version of the recently acquired 3D seismic dataset over the Walton-Morant licence (‘Walton-Morant' or ‘the Licence'), offshore Jamaica, has been delivered by the operator, Tullow Jamaica Ltd (‘Tullow'). Encouragingly, the high-grade Colibri target, which had previously been mapped on 2D seismic, has been clearly identified on the fast track version of the 3D seismic dataset.  This follows the completion of a 2,250 sq km 3D seismic acquisition survey on the Licence (see announcement of 14 May 2018 for further details).  United holds a 20% equity interest in the 32,065 sq km Licence, with the remainder held by Tullow, a wholly owned subsidiary of leading independent oil and gas exploration and production company Tullow Oil plc (LSE: TLW).

The 3D seismic survey, which is the first to have been acquired in Jamaica, forms part of a programme focused on de-risking highly prospective Cretaceous and Tertiary aged clastic and carbonate reservoir targets that have been mapped by Tullow on 2D seismic data.  Among these is Colibri, which has been estimated from 2D data to hold gross mean-case prospective resources of over 200mmbbls.  The technical case for Colibri has been further strengthened by the recent identification of an active thermogenically derived offshore oil seep to the south of the structure.

Initial opinion is that the fast track 3D seismic data is of excellent quality with the Colibri structure clearly visible on the newly acquired dataset.  Processing and interpretation work is now underway and the Company will provide a further update to the market once this has been completed and final volumes are available. 

United Oil & Gas Plc CEO, Brian Larkin, said, "The work programme to de-risk the 200mmbbl Colibri target on Walton-Morant continues to proceed on schedule and under budget.  Being able to clearly identify Colibri on the 3D seismic at such an early stage is highly encouraging and with this in mind, we are looking forward to the processing and interpretation work being completed. 

“United has a dual focused strategy to expose shareholders to multiple near-term value drivers from its portfolio of low-risk development and appraisal assets in Europe and potentially transformational exploration projects in Latin America, the Caribbean and Africa.  Our 20% interest in Walton-Morant represents high impact exploration, however, near-term needle-moving activity is not confined to Jamaica.  In Europe, the Podere Maiar gas discovery in Italy is being progressed through the permitting process ahead of being brought into production; while in the UK, the near-shore Colter Discovery, which lies in the same play as the prolific Wytch Farm field, is due to be drilled in Q4 2018.  Activity with significant re-rating potential is being undertaken across our portfolio and I look forward to providing further updates on our progress.”

Further Information on Walton-Morant Licence

The large 32,065 sq km Walton Morant Licence, offshore Jamaica, is exposed to a number of different plays across three geological basins including the Walton and Morant Basins.  To date, only 11 wells have been drilled across the whole of Jamaica's onshore and offshore, and despite challenges with well placement due to a lack of seismic control, 10 of these encountered hydrocarbon shows. Oil-prone source rocks have been identified in the Eocene and in the Cretaceous, with migrant oil identified in onshore wells and outcrop samples. This provides good evidence of the presence of regional source rocks.

Recent work, including extensive onshore fieldwork, has confirmed the presence of all the elements required for a working petroleum system, and has also identified a thermogenically derived offshore oil seep close to Colibri, the main prospect of interest, providing further confidence that there is the potential to find significant commercial volumes within the Licence.  Colibri has been high graded on the basis of its position in relation to migration routes out of an identified Eocene kitchen.

Tullow entered the Walton-Morant licence in November 2014.  In addition to securing a large portfolio of legacy 2D seismic data, Tullow also acquired a further 3,650 km of 2D seismic in 2016 and 2017.  Interpretation of the data set has identified attractive Cretaceous and Tertiary aged clastic and carbonate reservoir targets.  The 3D seismic survey is designed to further de-risk these targets, including the Colibri lead.



New service from OilVoice
Trip Shepherd is for companies who need to track their staff in areas of risk.
It's free to use, so we invite you to try it.

OffshoreJamaicaTullow OilTullowLicence3D SeismicUnited Oil & GasUOG

More items from oilvoice


Africa E&P Summit

The organisers of the Africa E&P Summit are bringing together Africa's leading exploration companies and governments, just one of the many reasons why you should be attending frontier's event that they are organising and hosting in London at the IET: Savoy Place, 22-23 May. Over 200 key senior exec ...

OilVoice Press - OilVoice


Posted 3 months agoPress > Africasummitoil summit +2

Equinor Deepens in Offshore Wind in Poland

Equinor has exercised an option to acquire a 50 % interest in the offshore wind development project Bałtyk I in Poland from Polenergia. This transaction is a follow-up of the agreement between the two companies which came into force in May 2018 , by which Equinor acquired a 50 % inter ...

OilVoice Press - OilVoice


Posted 7 months agoPress > EquinorEquinor EnergyPoland +2

Nigeria has highest capex on crude and natural gas projects in sub-Saharan Africa Over Next Seven Years, says GlobalData

Nigeria accounts for more than 34% of the proposed capital expenditure (capex) on planned and announced crude and natural gas projects in the sub-Saharan Africa over the period 2018–2025, according to GlobalData , a leading data and analytics company. The company's report: ‘H2 2018 Production ...

OilVoice Press - OilVoice


Posted 7 months agoOpinion > GlobalDataNigeriaCrude +5

CNOOC Signs Strategic Cooperation Agreements with 9 International Oil Companies

HONG KONG, Dec. 18, 2018 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) announced today that its parent company, China National Offshore Oil Corporation (CNOOC), has signed Strategic Cooperation Agreements with 9 international oil companies including: Chevron, Conoco ...

OilVoice Press - OilVoice


Posted 8 months agoPress > CNOOCChina National Offshore Oil CorporationChevron +11

Total Announces the Distribution of its Second 2018 Interim Dividend

The Board of Directors met on December 12, 2018 and declared  the distribution of a second interim dividend for the 2018 fiscal year of €0.64 per share, in accordance with the Board's decision of July 25, 2018, an amount equal to the first 2018 interim dividend and an increase of 3.2% compared to t ...

OilVoice Press - OilVoice


Posted 8 months agoPress > TotalDividend
All posts from oilvoice