KINGSTON, Jamaica-Following its submission to the Government of Jamaica for an extension of its oil exploration licence in November last year, United Oil & Gas has confirmed that the Ministry of Science, Energy, Telecommunications and Transport has granted an additional two years to its licence covering the Walton Morant basin.

In a release posted on its website Monday, the full-cycle oil and gas company advised that the final agreement on the two-year extension of “the initial exploration period of the Walton Morant licence in Jamaica” is now awaiting a final signature from the ministry.

“Following the final signature on an amendment to the production sharing agreement (PSA) the licence will run to 31 January 2026. United is committing to a programme of technical studies including piston core surveying and seismic reprocessing,” the company outlined.

The extension of the licence will allow United to continue exploring the 22,400 square kilometres offshore block situated to the south of the island of Jamaica. So far, the company has generated excellent data coverage of the area, with compelling evidence for a working hydrocarbon system and defined groups of oilfields and material prospects within the acreage.

An independent evaluation of 11 high-grade leads and prospects has indicated the potential for a combined estimated 2.4 billion barrels in hydrocarbons.

At present, the company holds and operates a 100 per cent equity interest in the Walton Morant licence. However, it is seeking a strategic partner to support its planned work programme, including piston core surveying and seismic reprocessing.

“This is expected to further de-risk the acreage, with a view to drilling the Colibri prospect – estimated to hold unrisked mean prospective resources of 406 million barrels,” United explained.

In early November, a release noted that the company was in discussions with a “preferred potential partner” that had expressed an interest in a farm-out arrangement. However, two weeks later another release said the potential partner decided not to pursue further discussions concerning its participation.

As a result, United turned its focus to “the recent positive interest that has been shown by other parties in potentially participating in this high-impact exploration opportunity” in a bid to secure a partner.

“The board believes that the renewed interest in exploration opportunities worldwide, which is being driven by the strong future demand for oil and gas, will support our farm-out efforts,” the London, United Kingdom-based entity said.

With the extended licence, it plans to carry out additional technical work that would further de-risk the licence before the drilling of the exploration well.

Underscoring his delight in the pending extension, Chief Executive Officer Brian Larkin commented, “United has dedicated significant effort to the technical aspects of this asset, which has over 2.4 billion barrels of unrisked oil potential and the promising Colibri prospect. This extension will empower us to confidently continue our farm-out campaign, seeking a strategic partner to unlock the immense potential in this region. The support from the Government of Jamaica underscores our relationship and the optimistic industry outlook in Jamaica. We will continue to focus on the recent positive interest that has been shown by several parties, and with the extended licence, this is a significant opportunity for the benefit of all stakeholders.”