The Petroleum Corporation of Jamaica (PCJ) has approved the offer from United Oil & Gas (UOG) to "farm-in" on the licence granted to Tullow Oil for exploration in Jamaica's off-shore.
Under the agreement between Tullow and UOG, UOG will share the exploration risk with Tullow by taking a 20 per cent stake in Tullow's operations and obligations under its Production Sharing Agreement (PSA) with the PCJ.
All other terms and conditions of the PSA remain unchanged.
Tullow will continue to drive its exploration programme but will now have another explorer to share the exploration risks.
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