KINGSTON, Jamaica – London-listed United Oil & Gas Plc has commissioned a study into drilling rig availability and costs as it advances plans for possible exploration on its Walton-Morant licence off southern Jamaica.
The company said NRG Well Management has been appointed to assess rig suitability, indicative day rates, mobilisation requirements, long-lead equipment and procurement schedules for a potential drilling campaign.
United’s newly appointed chief operating officer Donal Meehan said the study was an important step in preparing the licence for a possible future drilling programme.
He said it would provide an up-to-date market assessment of rig availability, commercial conditions and the equipment needed to drill prospects including Colibri and Thunderball.
Colibri lies in about 750 metres of water and is estimated to contain gross unrisked mean prospective resources of 406 million barrels. Thunderball, in about 1,900 metres of water, is estimated at 603 million barrels.
Together, the two prospects account for more than one billion barrels of the approximately seven billion barrels of unrisked mean prospective resources identified across the 22,400-square-kilometre licence area.
United stressed that the study does not amount to a commitment to drill, saying any exploration well would require Jamaican regulatory approval and completed commercial agreements.
The study is expected to be completed within weeks and will also support ongoing discussions to bring a partner into the project.
United holds a 100 per cent interest in Walton-Morant but has repeatedly said it needs a partner before drilling can begin.
Under a farm-out arrangement, United would surrender part of its interest in return for another company helping to fund exploration. The company said in June it was aiming to secure an agreement this year, with several potential partners involved in discussions under confidentiality agreements.
United reported an after-tax loss of US$1.25 million for 2025, down from US$2.4 million the previous year, and ended the year with US$1.7 million in cash.
The rig study follows Meehan’s promotion this week from head of commercial to chief operating officer. He said his immediate priorities include advancing the farm-out process, ensuring operational readiness and moving the Jamaica licence into its next phase.
Chief Executive Officer Brian Larkin said the appointment came at an important stage as the company seeks to conclude the farm-out process.
No wells have been drilled on the Walton-Morant licence and United has made no discovery there.
About 11 exploration wells have been drilled in Jamaica since the 1850s, including two offshore, but none tested the prospects now being marketed by United.
The company’s exploration case was strengthened by a seabed survey completed earlier this year, which detected butane and pentane hydrocarbons in core samples from parts of the licence.
An independent study in 2025 subsequently raised the estimated chance of exploration success at Colibri from one in five to one in three.
