KINGSTON, Jamaica — The Petroleum Corporation of Jamaica (PCJ) has revoked a licence to Canadian-based Rainville Energy Corp to drill an exploratory oil well in the island.

Rainville was granted the licence in 2006 but since then has not secured the necessary funding for the second phase of the agreement, PCJ said in a release Wednesday.

“While it is regrettable to have to take this step, the PCJ understands that drilling is a very expensive undertaking and we simply cannot move forward without the requisite financing,” said PCJ group managing director, Dr Mario Anderson.

The licence was withdrawn after PCJ said it granted several extensions but Rainville still did not meet its financial obligations.

The PCJ said it would continue to pursue investments for exploration and drilling in Jamaica’s onshore and offshore areas.

“We have a comprehensive strategy for pursuing the development of our open acreages. In-keeping with this, we are actively seeking to engage partners and we are targeting a number of exploration and production players, including majors and supermajors, with a view to securing an agreement for major investment in the future,” Dr Anderson added.