Walton Morant Licence, Jamaica
Dr Jonathan Leather, COO, United Oil & Gas
16th June, 2021 Paul Ryan, Principal Geologist, United Oil & Gas
Disclaimer
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2
United Oil & Gas Plc
United Oil & Gas Portfolio Summary
EGYPT P+D+A+E ITALY D+A+E UK A+E JAMAICA E
2,500 boepd net working Selva development on track CNS: 29 MMboe net Frontier basin with over
interest production1 for first gas in 2022 prospective resources held 2.4 Billion barrels unrisked
0.4MMboe net 2P Reserves within Zeta prospect; mean prospective
3.7 MMboe net working
6 MMboe net contingent resources identified
interest 2P reserves 3.5MMboe net contingent
and prospective resources2 resources in the 32nd Round 3D-defined, high-graded
Significant development
Maria Discovery3 Colibri prospect holds in
and exploration upside
excess of 400 MMstb
(12.7 MMboe net 3U
unrisked mean prospective
prospective resources)
resources4
1 22% working interest average daily production volume for Q1 2021; 2CGG CPR, Dec 2019; 3UOG figures; 4GaffneyCline Prospective Resources report, Dec 2020
P = Production; D = Development; A = Appraisal; E = Exploration
3
United Oil & Gas Plc
Walton Morant Licence Overview
WAMT18 3D Survey
Identified Lead
GCA PRR 2020 Prospect/Lead
High impact frontier exploration
Compelling evidence that all the
elements required for a working
petroleum system are present
Drill-ready Colibri prospect
contains mean prospective
resources of 406 MMstb1
Colibri mean success-case NPV of Arawak-1
$2.5bn and IRR of 32% at $60 oil;
robust down to <$25 oil2 Walton Morant Licence
Pedro Bank-1
22,400 Km² area
10 additional prospects and leads UOG Operator (100%)
Walton Morant Licence
identified with >2 Billion barrels 22,400 Km² area
unrisked mean prospective Partners being sought to accompany United in drilling a
UOG Operator (100%)
resources3
1GaffneyCline
$30m basin-opening exploration well in Jamaica
Prospective Resources report, December 2020;
2UOG calculations; 3UOG calculations based on GaffneyCline report
4
United Oil & Gas Plc
Walton Morant Licence History
United entered licence in 2017 with
former partner Tullow (previous
operator)
In August 2020, United were granted
an 18-month extension to the Initial
Exploration Period, and now hold
100% equity and operatorship
>US $35m invested in Walton Morant
licence area to date, including
acquisition of 2D and 3D seismic data Phase 1a and 1b Phase 1c United Phase 1c extension Phase 2
(3 years) (2.75 years) (1.5 years) (2 years)
Work since August 2020 has focused
on providing further evidence of
active source rocks and quantifying November 2017: United Acquisition and Complete
the basin-wide potential agree 20% farm-in to Walton interp of 2,250km2 committed work Commit to
Morant Licence with Tullow of 3D seismic data programme exploration well
Partners now being sought to
accompany United in drilling a $30m 2014-2017 2018-2019 2020 2021 2022
basin-opening exploration well in
Jamaica Tullow 100% Completion of United granted Attract partners Drilling
United farm-in 18-month
extension on a
100%, operated
basis
5
United Oil & Gas Plc
Caribbean - Structural Setting
Walton
Jamaica
Morant
Licence
6
United Oil & Gas Plc – Project Rosetta – July 2019
Regional Upper Cretaceous Source • Maastrichtian
A B • Coniacian-Santonian (OAE3)
Intra & back
Unstretched Spreading ridge • Cenomanian / Turonian (OAE2)
Stretched continent
arc basins Forearc basins Older oceanic crust Past position of
present coast
Younger oceanic crust
Plateau basalt Volcanic arc B
Jamaica & Walton Morant Basins
Great Arc
A of the
After Lorente & Pindell, 2009
Caribbean
Proto-Caribbean Source Rock
Fairway
• Tectonic activity enhances regional
organic productivity
• Deep ocean circulation restricted,
enhancing preservation of organic
carbon
Upper Cretaceous
• Source rocks laid down wherever
accommodation space available
Palaeo-reconstruction
7
United Oil & Gas Plc Tectonic Reconstruction adapted from Pindell (2001)
Geological Setting & Play Elements
Walton Basin Morant Basin
Pedro Bank
8
United Oil & Gas Plc
Database
A’
11 wells drilled to date (10 with hydrocarbon shows)
Over $35m invested since 2014, providing:
Full 2D dataset coverage across licence area, including
3,650km modern (2016/2017) 2D PreSTM Dataset
2,250km² 3D PreSTM & PreSDM (2018)
Uplifted onshore geology provides a window into the
offshore basins: evidence of preserved petroleum plays
Clastic Reservoir
Eocene Guys Hill Fm
A
Carbonate Reservoir
Cretaceous Rudists
Cenomanian-Turonian
Shale Source
9
United Oil & Gas Plc
Evidence for Migrating Hydrocarbons
Outcrop data & Onshore Seeps Colibri Prospect
2002-2020 Satellite Seep Data
Onshore live oil seep
2020 Lucea
Outcrop Hopewell
oil stain Litchfield
Geochemical sampling of source rock & fluids
proves presence of Cenozoic, Cretaceous & Jurassic
source rocks
10 / 11 wells with hydrocarbon shows
Satellite Seep Data
299 scenes, 5 areas with repeated seep
activity
Basin modelling
Evidence from 3D seismic
Arawak-1
Pedro Bank-1
Offshore Geochemical Analysis
Previously sampled
offshore thermogenic 10
seeps (Blower Rock)
10
United Oil & Gas Plc
Walton Basin
Base Syn-Rift (055)
Depth Map Tody & Euphonia
contour interval 250m Stacked platform margin carbonate shoal play
Oriole
Cenozoic post-rift grainstone fan play Streamertail
Cenozoic post-rift grainstone fan play
Kestrel
Cenozoic post-rift grainstone fan play
Oriole, Streamertail
Reservoir
Colibri
Upper Cretaceous syn-rift carbonate play Source Middle Eocene
Type II Source
DRILL READY 0 kilometres 10
PROSPECT
Prospective Resources1 (MMstb) Colibri
Prospect 1U 2U MEAN 3U Pg Reservoir
Colibri 33.4 223 406 966 19% Maastrichtian
Oriole 44.7 172 220 453 13% Source Guinea Corn Fm Fm
Type II / III Source
Streamertail 35.6 160 221 480 13%
Tody 9.4 39.8 53.2 113 14% Ceno-Turonian Rio
Euphonia 6.5 28.8 38.3 81 14% Source Nuevo Fm (OAE-2)
Type II Source 11
1 GaffneyCline Prospective Resources report, December 2020
11
United Oil & Gas Plc
Colibri Prospect
Reservoir: Large syn-rift horst of porous (fractured and/or Top Colibri Depth
karstified) platform carbonates, with a structurally conformant
low velocity anomaly
Trap & Seal: Truncation of westward dipping carbonates in an P10
E-W trending horst block, sealed by overlying Lower Eocene
deep marine shales
Source & Charge: Charge focus from Late Cretaceous kitchens
~P90
to north and south; modelled charge timing, expulsion
volumes and reservoir temperature all favourable
High impact, drill ready, frontier exploration
N Water Depth: 750m; Overburden at crest: 1,440m
S NNW SSE
Mid-Miocene
012
Late Eocene 038
Early Eocene 045
Top Colibri
>4,500
m/s
Prospect P90 Mean P10 COS 12
Intra-Late <2,500 12
UnitedCretaceous
Oil & Gas Plc – Project Rosetta – July 2019 Colibri 33.4 406 966 19%
Colibri Economic Modelling
Robust economics demonstrated over a wide range of scenarios and oil prices
Drilling and development cost-inputs provided by OPC, March 2021 Colibri Mean-case
(406mmbbls)
Reservoir performance based on expected properties and analogues Concept 1: FPSO
Attractive fiscal terms: State-take c. 35-45%
Colibri mean success case NPV of $2.5bn, IRR of 32% @ $60 oil
Positive project economics down to $25 oil-price
Minimum commercial field size c. 100mmbbls
Concept 1 Concept 3B
Subsea Wells + FPSO Subsea Wells + Platform + Subsea
Storage
Concept 2
Dry Trees + TLP + FSO
Colibri Mean-case Oil-price
Economic modelling (406mmbbls) $30 $40 $50 $60
undertaken for a
number of different NPV ($m) 470 1,200 1,800 2,500
development
IRR 15% 22% 27% 32%
scenarios
13
United Oil & Gas Plc – Project Rosetta – July 2019
Walton Basin Follow-On Potential
The Oriole and Streamertail Prospects are Depositional Model
Unrisked Prospective Resources1
Oligocene age, shallow-water platform Oriole 1U 2U Mean 3U Pg
grainstones, redeposited in calciturbidite STOIIP (MMstb) 199 752 947 1912
fans on the deeper-water platform slope Recoverable
45 172 220 453 13%
Both are defined by prominent amplitude (MMstb)
anomalies – Oriole is a “single loop”, with Solution Gas (bscf) 17 67 88 184
Streamertail defined as a series of stacked Streamertail 1U 2U Mean 3U Pg
amplitudes
STOIIP (MMstb) 157 700 951 2041
Both prospects lie above active Recoverable
Cretaceous source rock kitchens and are 36 160 222 480 13%
charged by vertical migration (MMstb)
Solution Gas (bscf) 53 244 347 758
Reservoir concept is supported by
analogues in Mexico, US and Italy as well
1 GaffneyCline Prospective Resources report, December 2020
as outcrop analogues onshore Jamaica W E
Calciturbidite outcrop analogue Mid-Miocene
and thin section, onshore Jamaica Streamertail Complex
Oriole
Early Eocene
Streamertail
Oriole
Late Cretaceous Palaeocene
14
United Oil & Gas Plc
Morant Basin
NW SE
40km
Jaws Goldeneye
Blofeld
Thunderball
Moonraker
Moneypenny
023_Early Cenozoic Unconformity Depth map
Unrisked Prospective Resources1 (MMstb)
1U 2U MEAN 3U Pg
Thunderball 76.3 417 603 1,356 10%
Moonraker 4.9 225 323 718 10%
Moneypenny 30.8 128 173 370 10%
Blofeld 29.9 129 171 361 8%
Goldeneye 41.1 140 174 346 10%
Jaws 6.7 28.3 38.5 82.4 8%
1 GaffneyCline Prospective Resources report, December 2020
15
United Oil & Gas Plc
Jamaica: High Impact Frontier Exploration
Significant (>$35m) investment made to date
Compelling evidence that all the elements required for a
working petroleum system are present
High-graded Colibri prospect contains mean
prospective resources of >400 MMstb1
Standalone NPV of $2.5bn, IRR of 32%2
Euphonia
Jaws Goldeneye >2 Billion barrels unrisked mean
38 MMstb
39 MMstb 174 MMstb prospective resources across the basin2
Tody Streamertail Blofeld MSET / Jamaica provide supportive
53 MMstb 221 MMstb 171 MMstb
Thunderball and facilitative host government
603 MMstb
Partners being sought
Moonraker
Oriole 323 MMstb to accompany United
220 MMstb
Colibri Moneypenny
in drilling a $30m
406 MMstb 173 MMstb basin-opening
Unrisked mean prospective resources exploration well in
Jamaica
1 GaffneyCline Prospective Resources report, December 2020; 2 UOG calculation based on GaffneyCline report
16
United Oil & Gas Plc
Dr Jonathan Leather
Chief Operating Officer
[email protected]
[email protected]
www.uogplc.com
