StockMarketWire.com - Oil company United Oil & Gas said it had received regulatory approval to take forward the Walton Morant licence in Jamaica.

United had been assigned Tullow Jamaica's 80% equity in the licence for a nominal fee, leaving the company as operator and 100% equity holder.

An initial exploration period had been extended for 18 months by the Jamaican government.

A work programme was underway to further de-risk the Colibri prospect on the licence and other targets ahead of a drill decision.

United said a farm-out process is ongoing. 'With United now as operator, we look forward to taking full ownership of the process and driving it forward,' it added.


At 9:36am: [LON:UKOG] UK Oil Gas Investments Plc share price was 0p at 0.17p



Story provided by StockMarketWire.com