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United Oil & Gas - London-based mining firm with exploration asset in Jamaica - Says it has inked a non-binding memorandum of understanding to secure a survey vessel for its offshore Jamaica Walton Morant license. Says the MoU is with geotechnical and geochemical survey service provider TDI Brooks International, who will carry out piston coring, surface work and sample collection. Describes this as a ‘key derisking milestone’ with cost savings based on the vessel’s transit route from Trinidad, and avoidance of ‘schedule slippage into 2026’.
Expects formal contract execution ‘shortly’, and vessel mobilisation later this quarter, with field operations lasting between two and three weeks, and initial analytical results targeted for late 2025 or early 2026. Adds that data will help determine hydrocarbon levels and improve modelling of other licenses such as Colibri and Oriole. Chief Executive Brian Larkin calls it ‘a decisive move that takes United from preparation into execution.’
Current share price: 0.16 pence, up 6.7% on Thursday afternoon in London
12-month change: down 5.9%
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