Sharp Decline of United Oil Shares

Shares of United Oil & Gas PLC experienced a 23% decline on Thursday following the revelation that a potential partner had withdrawn from talks regarding the Walton Morant license in Jamaica.

In addition, United Oil announced the appointment of Simon Brett as the interim chief financial officer. Brett brings a wealth of experience, having served as CFO at Barryroe Offshore Energy PLC for a decade, following a four-year tenure in a senior executive role.

The company disclosed its ongoing pursuit of a permanent CFO, which it intends to appoint “in due course.” Peter Dunne, the outgoing Finance Chief, is set to step down on December 15, departing from United by December 31 to assume the role of CFO at Daa PLC.

Furthermore, United Oil acknowledged that its potential partner for the Walton Morant license had opted out of further discussions. Shares of United Oil & Gas PLC experienced a 23% decline on Thursday following the revelation that a potential partner had withdrawn from talks regarding the Walton Morant license in Jamaica.

In addition, United Oil announced the appointment of Simon Brett as the interim chief financial officer. Brett brings a wealth of experience, having served as CFO at Barryroe Offshore Energy PLC for a decade, following a four-year tenure in a senior executive role.

The company disclosed its ongoing pursuit of a permanent CFO, which it intends to appoint “in due course.” Peter Dunne, the outgoing Finance Chief, is set to step down on December 15, departing from United by December 31 to assume the role of CFO at Daa PLC.

Furthermore, United Oil acknowledged that its potential partner for the Walton Morant license had opted out of further discussions. The offshore exploration license, situated south of Jamaica, had previously garnered interest.

CEO Brian Larkin expressed the company’s unwavering commitment to deriving value from this exploration opportunity despite the withdrawal of the potential partner after months of discussions. Larkin emphasized efforts now being directed towards other engaged parties, aiming to secure a partner to advance the project while simultaneously seeking an extension for the licensing phase.

Larkin also highlighted that Brett’s appointment will provide crucial expertise and guidance during the upcoming months while the company undertakes a thorough selection process for this pivotal executive role.

CEO Brian Larkin expressed the company’s unwavering commitment to deriving value from this exploration opportunity despite the withdrawal of the potential partner after months of discussions. Larkin emphasized efforts now being directed towards other engaged parties, aiming to secure a partner to advance the project while simultaneously seeking an extension for the licensing phase.

Larkin also highlighted that Brett’s appointment will provide crucial expertise and guidance during the upcoming months while the company undertakes a thorough selection process for this pivotal executive role.

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