United Oil & Gas

#UOG General Meeting results: All resolutions passed. 2nd tranche fundraising completes with new shares admitted on 9 Jan 2025. As previously announced, Graham Martin steps down as Chairman. The Company is actively seeking a suitable candidate and will update the market in due course. Full details in RNS: https://lnkd.in/dY-VTGZ4

#UOG Confirmation of receipt of USD $591,595 from EGPC as anticipated. Discussions remain ongoing regarding a small outstanding balance,?further updates to follow as appropriate. Click here to read: https://lnkd.in/dKef97_j

#UOG Numerous Prospects & Leads in Walton-Morant, Jamaica ??Identification of 21 prospects & leads thus far ??Including several with potential resources exceeding 500 million barrels each ??Providing a strong pipeline for future exploration & development

#UOG Iman Hill talking about our Jamaican licence: ??Comparable to prolific Stabroek Block in Guyana ??A single 400 MMBO prospect development would demonstrate NPV10 after tax of $4.6B & IRR of 45% ??Returns could be boosted further with FSPOs & Early Production Systems

#UOG has noted the recent rumours circulating in Jamaica media regarding our Walton Morant licence

#UOG "We do not have a 1 prospect wonder at our Walton-Morant license ?? There are a number of prospects here & many of them are up to a billion barrels ?? $40m has been spent to date to interrogate the data & do the proper work to understand the risks that we face"

#UOG "We are confident that we have all of the elements that are required to make a discovery in Jamaica. We have seismic evidence for hydrocarbon migration, reservoir, trap & seal. Onshore outcrop analogues also show us that we have source rocks present reservoir rock & seals."

#UOG is pleased to share a Research Note by Tennyson Securities "An ongoing farm-out process for Walton-Morant licence has attracted interest from major oil industry players & is expected to yield funding to drill the first exploration well." Click here to read: https://lnkd.in/gi5CRyt8

#UOG "At $10 a barrel, we could expect up to $70 billion of NPV from the 7 billion barrels of mean prospective resources. When we shoot more 3D & reprocess some of the data, it is undoubted that the number of prospects & leads & that 7 million barrel number is just going to grow."

#UOG Non-Exec Director Iman Hill talks about the economics of our Walton-Morant licence: ?? Potential NPV10 after tax $4.6 billion ?? IRR 45% ?? Possible development of an early production system to generate cash flow early to fund further development would take IRR to over 60%