An amendment to the production sharing agreement will be submitted to the Ministry of Science, Energy and Technology for final signature next month.
United sees strong evidence of a hydrocarbon system in Jamaica, including source, reservoir, and seal rocks. Last December, Gaffney Cline & Associates reported 11 high graded leads and prospects across the license with a combined resource potential of 2.4 Bbbl.
The company will use the extension to continue its farm-out process for Walton Morant as it seeks partners to drill the 3D seismic-defined Colibri prospect, which could contain 406 MMbbl.
