United Oil buys into Jamaican licence

Dublin-based explorer United Oil and Gas is actively looking at further deal opportunities after expanding its asset base via the purchase of a 20% stake in a Tullow Oil licence offshore Jamaica.

The company has farmed into the Walton-Morant licence off the coast of Jamaica, which is operated by Tullow. The licence covers more than 32,000sq km in the Caribbean Sea and initial testing has already hinted at attractive reservoir targets. Tullow is due to carry out a further 3D seismic study in the first half of next year. While only 11 wells have been drilled in the area, 10 have encountered oil.