United Oil bags 20% stake in Tullow's Jamaican prospect

Exploration and development company United Oil and Gas has completed the farm-in and transfer of a 20% interest in operator Tullow Oil's Walton-Morant Licence, located offshore Jamaica.

Previously announced on 27 November, UOG confirmed that the Petroleum Corporation of Jamaica granted the assignment approval, with legal obligations and full transfer of the 20% stake in the Walton-Morant licence having been put into effect from 1 March.

Accordingly, Tullow Jamaica, the project's operator, now held an 80% interest in Walton-Morant.

Separately, UOG told investors on Friday that Tullow now intended to kick off a program aimed at acquiring 3D seismic data focusing on the high-graded Colibri lead by the end of the month.

As of 0900 GMT, shares had picked up 3.87% to 5.97p.