StockMarketWire.com - United Oil & Gas said an exploration period for an asset in Jamaica had been extended for a further six months.

The company has a 20% stake in a production sharing agreement on the Walton Morant Basi, which is operated by Tullow Energy.

The initial exploration period was due to expire on 31 January, at which time a 'drill-or-drop decision' was required.

A farm-down effort led by Tullow was in progress, with the aim of bringing in an additional partner or partners for exploration drilling in 2021 on the Colibri prospect.

'A number of interested parties are continuing their evaluations of the licence data, and the extension was granted to provide sufficient time for these to be completed,' United said.

'The extension does not require any additional work programme commitments.'


At 9:26am: [LON:UOG] United Oil Gas Plc share price was -0.08p at 3.5p



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