United Oil & Gas PLC (AIM:UOG) shares were on the front foot Tuesday, after telling investors it had landed a beach licence covering the Walton Morant Basin offshore Jamaica.
The licence allows the company to conduct seabed sampling and geochemical surveys to assess hydrocarbon potential. It follows an extension of the Walton Morant licence to January 2028 and the issue of an environmental permit in July.
"The granting of the Beach Licence marks another important step forward in our efforts to unlock the potential of the Walton Morant Basin," chief executive Brian Larkin said.
The beach licence renews annually and authorises a piston core survey to collect seabed samples. United said the surveys will provide critical information to support prospectivity and attract farm-in partners.
In London, United shares were up close to 10% changing hands at 0.17p, valuing the explorer at just under £4 million.