United Oil & Gas PLC (LON:UOG) appears impressed with the first ‘fast-track’ data from the recently shot 3D seismic across the Walton-Morant licence, offshore Jamaica.
Specifically, the explorer said the high-grade Colibri target, previously mapped in 2D seismic, has been clearly identified.
"The work programme to de-risk the 200mmbbl Colibri target on Walton-Morant continues to proceed on schedule and under budget,” said Brian Larkin, UOG chief executive.
Watch: 'Huge amount of activity' ahead for United Oil & Gas as all projects advance
“Being able to clearly identify Colibri on the 3D seismic at such an early stage is highly encouraging and with this in mind, we are looking forward to the processing and interpretation work being completed.“
The massive 32,065 square kilometre Walton Morant exploration licence is operated by Tullow Oil PLC (LON:TLW) and UOG retains a 20% stake.
Some 2,250 square kilometres worth of seismic data was captured in the recent programme. It was the first 3D programme to be conducted in Jamaica.
The data acquisition is aimed at de-risking highly prospective Cretaceous and Tertiary aged clastic and carbonate reservoir targets that have been mapped by Tullow on 2D seismic data.
UOG highlighted that the initial opinion is that the fast track 3D seismic data is of excellent quality, meanwhile, processing and interpretation work is now underway.
Catalysts coming in Europe
In the meantime, UOG also looks forward to an upcoming drill programme in the UK and the development of the field in Italy.
"United has a dual focused strategy to expose shareholders to multiple near-term value drivers from its portfolio of low-risk development and appraisal assets in Europe and potentially transformational exploration projects in Latin America, the Caribbean and Africa,” Larkin added.
“Our 20% interest in Walton-Morant represents high impact exploration, however, near-term needle-moving activity is not confined to Jamaica.
“In Europe, the Podere Maiar gas discovery in Italy is being progressed through the permitting process ahead of being brought into production; while in the UK, the near-shore Colter Discovery, which lies in the same play as the prolific Wytch Farm field, is due to be drilled in Q4 2018.
“Activity with significant re-rating potential is being undertaken across our portfolio and I look forward to providing further updates on our progress."