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LONDON - United Oil & Gas Plc (AIM:UOG) plans to conduct a piston coring and surface geochemical survey on its Walton-Morant licence in Jamaica, the company announced in a press release Friday.
The survey will involve collecting approximately 40-60 shallow seabed cores to test for thermogenic hydrocarbons, which would provide direct evidence of a working petroleum system within the Walton Morant Basin.
TDI Brooks International Limited has been named as the survey operator, according to the company statement.
"This is a significant step forward realizing the potential of the licence and strengthening our position in ongoing farmout discussions," said Brian Larkin, CEO of United Oil & Gas.
The company has published a presentation on its website outlining the scope and objectives of the upcoming survey. The presentation includes an overview of the licence scale and potential, a summary of recent progress, and key findings from an independent risking review conducted by Iapetus Geoscience.
United Oil & Gas noted that several parties are currently under non-disclosure agreements as part of ongoing farm-out discussions for the Jamaican asset.
The company’s portfolio includes the high-impact exploration asset in Jamaica and a development asset in the United Kingdom.
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