United Oil & Gas PLC Clarification Regarding Oil Discovery Speculation

RNS Number : 6923B

United Oil & Gas PLC

27 August 2024

 

  United Oil & Gas PLC / Index: AIM / Epic: UOG / Sector: Oil & Gas

 

27 August 2024

United Oil & Gas plc

("United" or "the Company")

 

Clarification Regarding Oil Discovery Speculation in Jamaican Media

 

United Oil & Gas Plc (AIM: "UOG"), the oil and gas company with a high impact exploration asset in Jamaica and a development asset in the UK has noted the recent rumours circulating in Jamaica media regarding its Walton Morant licence.

 

United confirms that it has drilled no wells in the Walton Morant licence and therefore no commercial oil or gas discovery has been made. United holds a 100% working interest and is currently engaged in a farm-out process. United's 2024 work programme is focused on conducting piston core sampling, which aims to detect any oil residue before considering future exploration drilling targets.

 

 

Brian Larkin, United Chief Executive Officer commented: "The Walton-Morant Licence is a vast exploration area containing numerous promising prospects. We are committed to improving our understanding of the resource potential within the licence area.

We continue working to secure a strategic partner to unlock the immense potential within the licence, including recent positive interest that has been shown by several parties. Following securing an extension to the licence, our 2024 work programme is underway, and we will update the market at the next suitable opportunity."

 

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Enquiries
United Oil & Gas Plc (Company)
Brian Larkin, CEO		[e-mail]
Beaumont Cornish Limited (Nominated Adviser)
Roland Cornish | Felicity Geidt | Asia Szusciak		[phone]
Tennyson Securities (Joint Broker)
Peter Krens		[phone]
Optiva Securities Limited (Joint Broker)
Christian Dennis		[phone]
Shard Capital Limited (Joint Broker) Damon Heath | Isabella Pierre		[phone]
Camarco (Financial PR)
Andrew Turner | Emily Hall | Sam Morris		[phone]

 

Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated Adviser and is authorised and regulated by the FCA. Beaumont Cornish's responsibilities as the Company's Nominated Adviser, including a responsibility to advise and guide the Company on its responsibilities under the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed solely to the London Stock Exchange. Beaumont Cornish is not acting for and will not be responsible to any other persons for providing protections afforded to customers of Beaumont Cornish nor for advising them in relation to the proposed arrangements described in this announcement or any matter referred to in it.

 

 

 

 

Notes to Editors

United Oil & Gas is an oil and gas company with a development asset in the UK and a high impact exploration licence in Jamaica.

 

The business is led by an experienced management team with a strong track record of growing full cycle businesses, partnered with established industry players and is well positioned to deliver future growth through portfolio optimisation and targeted acquisitions.

United Oil & Gas is listed on the AIM market of the London Stock Exchange. For further information on United Oil and Gas please visit www.uogplc.com 

 

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