Amidst swirling rumors on social media, the UK-based oil explorer United Oil & Gas Plc has unequivocally denied claims of a significant oil discovery in Jamaica’s waters. Instead, the company is diligently working to secure a drilling partner to conduct tests and confirm the presence of oil in commercial quantities in the region. Here are some key points surrounding United Oil’s exploration efforts in Jamaica:
- In Search of a Partner: United Oil is currently assessing four potential partners to collaborate on verifying the data collected offshore Jamaica for any oil reserves. The company has yet to drill any wells in the Walton Morant licence zone and, therefore, no commercial oil or gas discovery has been confirmed.
- Clarification Amidst Misinterpretations: Misinterpretations of data have led to misconceptions regarding the supposed oil find. United Oil’s presentations indicated the presence of substances resembling oil within the exploration zone, totaling over seven billion barrels. However, this information is yet to be validated through drilling to confirm the presence of actual oil reserves.
- Deadline Looms: Testing drills are vital to ascertain the existence of oil in the region, as United Oil faces a deadline from the Jamaican government. Failure to conduct these tests within the stipulated timeframe may result in the forfeiture of the company’s exploration licence.
- Ongoing Search for a Partner: Despite setbacks, United Oil is actively seeking a strategic partner to share the costs of the necessary test drills, amounting to US$30 million. Several interested parties have expressed positive intentions to collaborate with the company, highlighting the potential of the exploration licence area.
- Expansive Exploration Rights: United Oil holds exploration rights spanning 22,400 square kilometres along the southern coast of Jamaica, encompassing the Walton-Morant block. The Colibri area, situated south of Westmoreland, emerges as a promising prospect for potential oil reserves.
In conclusion, United Oil’s exploration endeavors in Jamaica offer significant potential for oil discovery, although uncertainties and challenges persist. As the company navigates through the process of securing a drilling partner and conducting essential tests, the future of oil exploration in Jamaica remains intriguing and full of possibilities.
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