United Oil & Gas PLC (LON:UOG) has highlighted estimates by consultant Gaffney Cline & Associates which sees some 2.4bn barrels of potential resources in the Walton Morant licence, offshore Jamaica.
It comes as the company advances a farm-out process to bring a new partner into the Walton Morant project.
The prospective resource is estimated across a total of 11 prospects. Colibri, the most advanced of the prospects, is now estimated to host some 406mln barrels, up around 77% from prior estimates, meanwhile, the Thunderball prospect is another stand-out prospect with an estimated 603mln barrels.
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United U&G said the new estimate deepens understanding of the world-class potential of Walton Morant licence.
The company's chief operating officer Jonathan Leather noted that the resource estimate will “greatly help” the farm-out process.
"United has long held the view that the Walton Morant Basin is a highly prospective and exciting basin, with billion-barrel potential,” Leather said in a statement.
“This is the second independent report on the licence and the first to explore prospects across the full basin. The results are exceptionally positive and support our strong conviction that this is a transformational asset."
He added: "While the 77% uplift in the unrisked mean Prospective Resource estimate for Colibri, our main target in the Walton Basin, is an excellent result, we are just as excited about seeing the multi-billion-barrel potential of the licence as a whole. A successful outcome for Colibri now opens up even greater possibility in this region.”