Uog plc

[wbvs]

Estimating the cost of wildcat drilling at the primary Colibri prospect offshore Jamaica, based solely on a piston core survey, involves several assumptions since piston core sampling provides limited data compared to the full scope of drilling an exploration well. Let’s break this down step-by-step with the information available and reasonable industry benchmarks as of April 3, 2025.
Piston core sampling, as planned by United Oil & Gas (UOG) for the Walton-Morant license, involves collecting shallow sediment samples (up to 18 meters deep) from the seabed to analyze for hydrocarbon traces and geotechnical properties. This is a preliminary step, not a substitute for drilling a full wildcat well, which would penetrate thousands of meters to reach potential reservoirs. The piston core survey itself is relatively low-cost—typically ranging from $500,000 to $2 million USD depending on vessel rates, survey duration, and analysis—compared to the tens of millions required for drilling. However, your question seems to ask about the cost of wildcat drilling assuming only piston core data is used to justify it, rather than the survey’s cost alone.
Wildcat drilling costs vary widely based on location, water depth, target depth, rig type, and market conditions. The Colibri prospect lies in the Walton Basin, offshore Jamaica, at a water depth of approximately 750 meters. Industry data suggests offshore wildcat wells in moderate deepwater (500-1,500 meters) typically cost between $50 million and $200 million USD, with the lower end reflecting simpler operations and the higher end accounting for complex logistics or dry-hole scenarios. For context, a 2020 Offshore Technology article notes that large companies can absorb dry holes costing $50 million to $200 million, while smaller firms like UOG often seek partners to mitigate such risks.
Given Colibri’s “drill-ready” status and prior seismic work (2,250 km

X.com went on to say on average 30 million USD
is plausible

[wbvs]

X.com figures are a bit inflated.an estimate was done earlier and cost can be between 20
million usd to 30 million usd

[wbvs]

[QUOTE=wbvs;n933281]
https://live.mrf.io/mstore/ee58986/2...=25&fit=bounds

Oil firm gets two-year extension to drill offshore Jamaica



Published:Sunday | March 30, 2025 | 12:09 AMSteven Jackson - Senior Business Reporter
https://jamaica-gleaner.com/sites/de...?itok=boIgN895
United Oil & Gas Plc, UOG, says it has secured a two-year extension to its Walton-Morant licence to explore for oil offshore Jamaica.

The two-year extension gives United Oil, a company based in the United Kingdom, more time to finalise discussions with drilling partners. If the company does not commence drilling within that period, it risks losing the Walton-Morant licence unless granted another extension.

“The extension provides UOG with the security required to advance discussions with farm-in partners and progress technical work, reinforcing the significant exploration potential of this licence,” United Oil CEO Brian Larkin said in a release on Thursday.

Ultimately, the hunt for oil offshore Jamaica requires a partnership with a drilling firm willing to invest about US$30 million to test for oil. United Oil said the talks are confidential.

“With multiple parties now under NDA and re-engagement with previously interested parties, we are well-positioned to secure the right strategic partner to help unlock this asset’s potential. Our current work programme is designed to further de-risk the licence, and with returning sentiment to high-impact frontier exploration opportunities, the Walton-Morant licence stands out as an exceptional investment case,” said Larkin.
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Initially set to expire in January 2026, the licence is now valid until January 2028, granting United Oil leeway to advance exploratory activities and continue the search for farm-in partners. The extension reflects the Jamaican government’s continued support of oil and gas exploration in the region, the company stated.

The Walton-Morant Basin spans 22,400 square kilometres south of Jamaica and is recognised as a high-impact frontier exploration zone. United Oil holds a 100 per cent working interest in the project and has identified promising prospects through extensive seismic data analysis.

United Oil took control of the exploration project in 2020 when it acquired Tullow Oil’s interest in the Walton-Morant licence. Since taking control, United has faced challenges, including sourcing cash for high-impact exploration in the frontier basin, but the company has maintained that Jamaica represents a “multibillion-barrel opportunity” and says it is committed to unlocking the potential of its oil reserves.

United plans to conduct more tests in the basin this year, while continuing geological and geophysical surveys. Progress on these initiatives is expected to bolster investor confidence and attract a drilling partner.

Despite its commitment to the project, United is grappling with financial constraints. The company recently raised approximately 3millon GBP IN JANUARY 2025

[wbvs]

We hope they atleast satisfy basic requirements of a piston core.takes
1 week to be done

[wbvs]

National Environment protection agency 'Jamaica as to give uog plc permit for
piston core survey.

[wbvs]

Daryl vaz should set them up to get permit for
piston core survey before granting them a extension ,permit from NEPA.THEY RAISED
3 MILLION GBP IN ENGLAND EARLIER THIS
YEAR IF THEY HAD PERMIT ITS A EASY TASK
TO TRANFER FUNDS TO A RESEARCH SHIPPING AGENCY THAT CAN CARRY OUT
UPSTREAMING.

[wbvs]

Daryl vaz should set them up to get permit for
piston core survey before granting them a extension ,permit from NEPA.THEY RAISED
3 MILLION GBP IN ENGLAND EARLIER THIS
YEAR IF THEY HAD PERMIT ITS A EASY TASK
TO TRANFER FUNDS TO A RESEARCH SHIPPING AGENCY THAT CAN CARRY OUT
UPSTREAMING.

On the same coin if you are uog plc you get a non expiration permit to drill exploration well
that mean in farm out to do any scientific study must go through your Company, National Environment protection agency might
Charge a fee but it's more than worth
Iworth it anything like piston core survey
or drilling must be granted with uog plc
Approval you have complete dominion over zone




total and legal dominion over
Walton morant basin it's worth
More than pence it's worth millions of
USD

[wbvs]

Uog plc can file for non expiration permit and place a offer of 50 million JMD
end result one man's pocket ,while uog plc
Is in Jamaica through legal constraints for a lifetime....
you give Jamaica its 1 well Obligation and something to keep your tiny firm a float otherwise do as you wish

[wbvs]

man stay far from st elizabeth,puppet show

[wbvs]

On a more serious note uog plc need a application from nepa Jamaica and
atleast meet basic requirements of
A piston core survey. Some substance
Is needed out there its about time.

[Assasin]

So taking back Petrojam and upgrading it doesn't seem like a bad idea now???

[wbvs]

So taking back Petrojam and upgrading it doesn't seem like a bad idea now???

Petrojam was upgraded to produce 36000 b/d
and produce asphalt and this year 15 million usd they going to spend on Capital spending...
Yes sass,taking back petrojam and upgrading
Is very much welcome and a excellent idea how much USD million is Petrojam worth
knowing it has one of the best regional
Refineries? The State own one in cuba
mysteriously went in smokes and we have
an agreement with one in Dominican
Republic. BOTH barbados and T&T
uses jamaica refinery. FOR ME AND I
DONT MEANT TO ANSWER MY OWN
QUESTION 200 MILLION USD EASILY
WHAT YOU THINK?

[wbvs]

BTW sass you notice Jamaica does not has power outages as say Cuba to lesser extent
Puerto rico.remember Phillip paulwell Question
The amount of oil Petrojam had on reserve I believe in 2023.petrojam is even helping STEM
StudentS in Staths and TG is this good?

[wbvs]

If research in terms of piston core survey don't happen
by may 2025 uog plc might force to reneged on contract because 1st of June to 31st of
October is wet season, inevitable to hurricanes.
3 major ones are forecast this season of 17 hurricanes.November 1 til may 31st dry season...they are behind

[Assasin]

Don't know how much is spent on Petrojam but I hope they can up the productivity. The expectation for light in Jamaica has grown. You see how people demanded light after the hurricane? before we get it in 3 months time and was happy. Thank you for your oil research follow up.