United Oil & Gas provides corporate and Jamaica update
United Oil & Gas release
United Oil & Gas Plc (AIM: "UOG"), the full-cycle oil and gas company with a portfolio of production, development, exploration and appraisal assets, issues the following Corporate and Jamaica update.
Corporate Update
The Company is pleased to announce that Simon Brett has been appointed Interim Chief Financial Officer (non board appointment) and Company Secretary, effective immediately. Simon brings a wealth of sectoral and public market experience having worked fourteen years in Barryroe Offshore Energy plc ("Barryroe") in a senior executive position and latterly ten years as CFO. Before Barryroe, Simon held senior finance positions with Coca Cola Bottlers Ireland Limited, USC Europe Limited and Sega Europe Limited. The Company has commenced a selection process for a permanent CFO with a permanent appointment to be made in due course. Peter Dunne will step down from the Board on 15th December and will leave the Company effective 31st December in order to take up the position of Chief Financial Officer of daa plc, as previously announced.
Jamaica Update
Further to the announcement of 9th November, the Company has been informed by the counterparty that had been identified as a preferred potential partner, that they no longer wish to pursue further discussions in relation to participation in the Walton Morant Licence. The Company will now focus on the recent positive interest that has been shown by other parties in potentially participating in this high impact exploration opportunity and United and our advisors will continue in our efforts to secure a partner. The Board believes that the renewed interest in exploration opportunities worldwide which is being driven by the strong future demand for oil and gas, will support our farmout efforts.
The Company continues to engage with the Jamaican authorities to secure an extension to the current licence period which expires at the end of January 2024, with a negotiated work programme that comprises additional technical work that would further de-risk the licence prior to the drilling of the exploration well. This work is aimed at materially enhancing the risked value of the Company's interest in the Licence. Additional updates on both the farmout process and licence extension will be provided in due course.
United Chief Executive Officer, Brian Larkin commented:
"Although the potential partner that we had been in discussions with for a number of months has taken the decision to withdraw from the process at this time, we remain committed to delivering value from this potentially high impact exploration opportunity. Our efforts are now firmly focussed on the other parties that we have engaged positively with through our process with a view to securing a partner for United to take this project forward, in parallel to securing an extension to the current phase the licence."
I welcome the interim appointment of Simon as CFO to the company. His appointment provides the company with the expertise and knowledge over the coming months whilst we carry out a rigorous selection process for this critical executive position."
Subscribe to the leading business intelligence platform in Latin America with different tools for Providers, Contractors, Operators, Government, Legal, Financial and Insurance industries.
News in: Oil & Gas (Jamaica)
U.S. Delegation Advances Economic Growth, Private Sector Investment in Suriname, Guyana, Jamaica, Haiti, Dominican ...
U.S. Delegation Advances Economic Growth, Private Sector Investment in Suriname, Guyana, Jamaica, Haiti, Dominican Republic
U.S. Delegation to Visit Suriname, Guyana, Jamaica, Haiti, and the Dominican Republic
U.S. Delegation to Visit Suriname, Guyana, Jamaica, Haiti, and the Dominican Republic
Subscribe to Latin America’s most trusted business intelligence platform.
Other projects in: Oil & Gas
Get critical information about thousands of Oil & Gas projects in Latin America: what stages they're in, capex, related companies, contacts and more.
- Project: Noxis Energy Refinery (Sergipe)
- Current stage:
- Updated:
21 hours ago
- Project: Neogreen green hydrogen plant
- Current stage:
- Updated:
21 hours ago
- Project: Aguada del Chañar Area
- Current stage:
- Updated:
23 hours ago
- Project: Liquefied Natural Gas (LNG) Terminal in San Pedro de Macoris
- Current stage:
- Updated:
1 day ago
- Project: FPSO SEAP-I (Sergipe Deep Water Project)
- Current stage:
- Updated:
2 days ago
- Project: International Neoenergía Iberdrola Green Hydrogen Pilot Project in Rio Grande do Norte
- Current stage:
- Updated:
2 days ago
- Project: Port of Sergipe - Catu Pilar gas pipeline
- Current stage:
- Updated:
3 days ago
- Project: Presidente Kennedy - São Brás do Suaçuí gas pipeline
- Current stage:
- Updated:
3 days ago
- Project: Goytacazes Gas Pipeline (GASOG)
- Current stage:
- Updated:
3 days ago
- Project: Neptuno Solar 1 photovoltaic plant for the generation of electric power for the production of green hydrogen
- Current stage:
- Updated:
3 days ago
Other companies in: Oil & Gas
Get critical information about thousands of Oil & Gas companies in Latin America: their projects, contacts, shareholders, related news and more.
- Company: Soenergy International Colombia S.A.  (Soenergy International Colombia)
-
The description included in this profile was taken directly from an official source and has not been modified or edited by the BNamericas’ researchers. However, it may have been...
- Company: IFM Construções e Montagens
- Company: Empresa Nacional del Petróleo  (ENAP)
-
Chilean state-owned company Empresa Nacional del Petróleo (ENAP) focuses on the exploration, extraction, refining and commercialization of hydrocarbons and byproducts. The Santi...
- Company: BP Trinidad and Tobago, LLC  (bpTT)
-
BP Trinidad and Tobago LLC (bpTT) is a Trinidadian subsidiary of the British oil company BP P.L.C., established in 1961 with headquarters in Port of Spain to explore, produce an...
- Company: Scania Colombia S.A.S  (Scania)
-
The description contained in this profile was taken directly from an official source and has not been edited or modified by BNamericas researchers, but may have been automatical...
- Company: Robert Bosch Ltda. Colombia  (Bosch Colombia)
-
The description contained in this profile was taken directly from an official source and has not been edited or modified by BNamericas researchers, but may have been automatical...
- Company: Robert Bosch GmbH  (Bosch)
-
The description contained in this profile was taken directly from an official source and has not been edited or modified by BNamericas researchers, but may have been automatical...