United Oil and Gas (UOG) is intensifying its efforts to find partners for oil exploration off Jamaica’s south coast, promoting the Walton-Morant block as a “world-class frontier opportunity” with game-changing potential.
In an interview on Charles Archer’s That Stocks Guy platform, CEO Brian Larkin described the block as “one of the Caribbean’s last great untapped oil plays,” suggesting it could rival the massive discoveries in Guyana and Namibia.
“I think the string of pearls is there and…we’re showing prospective partners that, look, there is a serious, credible way forward here with this project. In a success case, we’ve got a line of multiple, multiple wells to go and drill. This could be another Guyana or Namibia. It’s all there to play for,” Larkin said.
Guyana’s 2015 discovery in the Stabroek block now yields around 600,000 barrels a day, with reserves of up to 11 billion barrels.
UOG is seeking about US$50 million to drill its first well, and is currently sharing data with “household name” companies, from regional players to oil majors. “A $50-million well for the size of the prize here is a compelling investment case,” Larkin said.
Gaffney Cline, a global energy consultancy, estimates the block’s mean potential at 2.4 billion barrels, while UOG’s internal figures suggest up to 7 billion barrels, with 40 leads identified.
Unlike the deepwater drilling in Guyana, Jamaica’s play sits in shallower waters of 50 to 2,000 metres — making the project less costly and more appealing under environmental, social and governance (ESG) standards.
“The asset itself is conventional. It’s a shallow water play…so it’s not ultra-expensive drilling,” Larkin said. “It very much plays into a low-carbon development project…which ticks a lot of ESG boxes for the supermajors.”
The company received a two-year license extension in early 2024, giving it until January 2028 to drill. In May, it applied for permission from Jamaica’s environmental agency (NEPA) to conduct piston core sampling — the final step before drilling.
Jamaica drilled 11 oil wells between 1955 and 1982, none of which were commercially successful, though hydrocarbons were found. Larkin believes modern seismic data could change the outcome.
“The window is now for Jamaica, certainly on the back of the sentiment that we’re seeing coming from Namibia and Guyana,” he said.
The most promising near-term target is the Colibri prospect in the Walton Basin, estimated to hold 400 million barrels. Gaffney Cline gave it a 19% geologic chance of success, potentially rising to 33% with piston core results.
Even bigger prospects lie in the less explored Morant Basin, with targets like Thunderball (600 million barrels), Moonraker, and Blofeld — all part of UOG’s James Bond-themed naming.
“We’re sitting on a very unique asset for a company of our size,” Larkin said. “Large structural traps, proven source rock…Jamaica is clearly under-explored and that’s where the value lies.”
UOG holds 100% of the license but is open to a farm-out deal where equity would be shared. “There’s potential that we would retain operatorship…[or] that an importer would want to take the operatorship. That’s all still to play for,” Larkin said.
With technical partners already lined up and permitting advanced, the company says it’s ready to move fast. “We’re a small team, a small board. There isn’t an on-risk decision-making process…things can happen in a really quick, short period of time,” Larkin said.
With just over two years left before drilling must begin, the pace of partnership development could shape Jamaica’s future as a potential oil-producing nation.
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