According to official reports in early-August 2020, United Oil & Gas has acquired partner Tullow Oil's 80% equity and operatorship on the offshore Production Sharing Agreement (PSA) of Walton-Morant License for a nominal fee. Remaining work commitment on the license consists of drilling an exploration well on the Colibri prospect by the end of the initial exploration period, which was also just extended from 31 July 2020 until 31 January 2022. United has previously notified the Jamaican authorities in early-2020 of the company's intentions to drill said well some time in 2021. In addition, an ongoing farm-out process to find a new partner on the PSA was already launched back in January 2020.  Furthermore, acreage of the Walton-Morant offshore License was also reduced from 32,191 sq km to 22,400 sq km of area over the Morant Basin and the Walton Sub-basin part of Pedro Bank Basin with water depths ranging from 20 m to 2,000 m. Map of the new area has not yet been released, although it is assumed that the remaining acreage will be focused on the Colibri prospect.  In October 2017, Tullow assigned seismic company Polarcus Ltd to acquire 2D seismic acquisition over the Colibri prospect area, which was then completed between March and May 2018. In February 2019, United reported that an independent Competent Person's Report (CPR) prepared by ERC Equipoise Ltd showed an increase in Gross Unrisked Mean Oil Prospective Resources for the Colibri prospect to from 219 MMbo recoverable to 229 MMbo.  Background Information  Tullow signed its PSA for the Walton-Morant license with the Government of Jamaica through the Petroleum Corporation of Jamaica (PJC) in November 2014. The work program was said to include low cost studies, reprocessing seismic work, and the option to acquire new 2D and 3D seismic prior to a drill-or-drop decision at the end of the initial three-and-a-half-year exploration phase. United farmed-in to the license in March 2018.
(Walton B.) UOG has received govt approval to take over from Tullow the Walton Morant licence with 100% for a nominal fee. Walter Morant licence comprise blocks 6, 7, 9, 10, 11, 12, 17, 25, 26 + 27 in WD 20-1,000m plus a piece of shallow-water block 1 south of the island. Former Wi of the Walton Morant licence was by TULLOW (80%, op.), UNITED OG (20%).