United Oil & Gas PLC shares moved up on Monday, rising around 8.5% to 0.19p, after it told investors it has completed the first stage of its offshore Jamaica Surface Geochemical Exploration programme, at the Walton-Morant Licence.
The AIM-listed company said the multibeam echosounder survey acquired high-quality seabed bathymetry across about 1,189 kilometres of priority areas. The dataset will be used to finalise locations for the programme’s next steps.
Stage 2 will comprise seabed heat-flow measurements, followed by Stage 3 targeted piston core sampling.
United said the broader SGE programme is designed to provide independent, basin-scale evidence of active hydrocarbon systems and will feed into both its technical evaluation and commercial discussions around the licence.
The survey vessel R/V Gyre has returned to offshore operations after a brief stop in Kingston for equipment reconfiguration, with United set to provide a further update once offshore operations are completed.