London-listed United Oil & Gas has completed its farm-in deal for interest in the Walton-Morant license offshore Jamaica with Tullow Oil.
The deal for the transfer of the 20 per cent interest from Tullow to UOG was made in November 2017. The agreement was subject to approval from the Petroleum Corporation of Jamaica (PCJ).
United confirmed on Friday that the PCJ has granted its approval to the assignment, assumption of obligations and transfer of the 20 per cent interest in the Walton-Morant license to the company with the effect from March 1.
Accordingly, Tullow, the operator, has now 80 per cent interest and UOG has the remaining 20 per cent interest in the Walton-Morant License.
In addition, United said that Tullow intends to start acquiring the 3D seismic focusing on the high-graded Colibri lead in March 2018.
Tullow entered the Walton-Morant license, which covers an area in excess of 32,000km2, in October 2014. In addition to securing a portfolio of legacy 2D seismic data, Tullow also acquired a further 3,650 km of 2D seismic in 2016 and 2017.