United Oil completes first stage of Walton-Morant exploration

16th Feb 2026 14:53

(Sharecast News) - United Oil & Gas said on Monday that it has completed the first stage of its surface geochemical exploration programme on the Walton-Morant licence offshore Jamaica, marking an operational milestone in the basin-scale evaluation of the asset.

The AIM-traded company confirmed that the multibeam echosounder survey phase had acquired high-quality seabed bathymetry data across about 1,189 kilometres in priority areas of the licence.

It said the data provided a detailed definition of seabed morphology and would support the final selection of optimal locations for stage two seabed heat-flow measurements and stage three targeted piston core sampling.

Following completion of the MBES phase, the survey vessel R/V Gyre returned to Kingston for equipment reconfiguration and had since departed to restart offshore operations as the programme progressed.

The SGE campaign was reportedly designed to deliver independent evidence of active hydrocarbon systems at basin scale and would inform United's ongoing technical evaluation and commercial discussions relating to the Walton-Morant licence.

"The successful completion of the stage one MBES phase represents an important operational milestone in our Jamaica SGE programme," said chief executive Brian Larkin.

"The quality of the bathymetry data acquired provides a robust foundation for the next stages of the survey, enabling informed selection of heat-flow and piston core locations.

"As we move into stage two and stage three, this work is designed to further de-risk the licence.

"We look forward to advancing offshore operations to progress through the next phase of the SGE programme."

United Oil said it would provide a further update on completion of offshore operations.

At 1256 GMT, shares in United Oil & Gas were flat at 0.18p.

Reporting by Josh White for Sharecast.com.