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.
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13:40 14/11/24
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.