United Oil & Gas Plc (LON:UOG) saw its shares gain on Monday as the group confirmed the completion of a 3D seismic exploration programme at the Tullow Oil plc (LON:TLW) operated Walton-Morant licence offshore Jamaica.
The survey captured data over 2,250 square kilometres, of the large 32,065 licence area, and it included the Colibri target, which was estimated at some 200mln barrels.
Its aim was to de-risk multiple exploration targets so that they are ‘drill ready’, ahead of future exploration drilling which would take place in 2020 or 2021.
READ: United Oil & Gas tipped for significant upside as UK exploration well looms
Processing is underway and fast-track data is anticipated by mid-July, whereas the full data set will be due later in the year.
“The completed 3D seismic survey is key to de-risking Colibri and other structures to the point where they are drill ready,” said Brian Larkin, United chief executive.
“We are highly encouraged that the survey has been completed ahead of schedule and we now look forward to receiving the fast-tracked data set in Q2 2018.”
He added: “With prospective resources of over 200mmbbl estimated for the Colibri target alone and with multiple copycat structures already identified, Walton-Morant has clear potential to be transformative for United.”
Larkin, meanwhile, highlighted that United was also advancing its assets in Europe, where in Italy the Podere Maiar gas well was recently drilled in the Po Valley region and a new well at the Colter discovery offshore UK is due to be drilled in the second half of this year.
“This is an exciting period for United and I look forward to providing further updates on our progress," he said.
In afternoon trading, United O&G shares were 8.2% higher at 4.6p.
-- Adds share price --