In a significant development that has provided a new lease of life for United Oil & Gas, the company has been granted a two-year licence extension by MSETT. Josimar Scott reports from Kingston, Jamaica that this move comes as a boon for the oil exploration firm amidst challenging business environments.
1. United Oil & Gas has been granted a two-year license extension by MSETT, providing a significant boost to the company.
2. This move comes at a time when the oil exploration firm is facing a challenging business environment.
3. The Ministry of Science, Energy and Technology's (MSETT) decision to extend the license is seen as a show of confidence in United Oil & Gas's ongoing projects.
4. MSETT believes in the company's potential to provide significant value despite the global slump in oil prices.
5. The extended license will allow United Oil & Gas to continue their exploration efforts uninterrupted and potentially discover new oil sources.
United Oil & Gas' license extension by MSETT is expected to last for two years.
The much-needed lifeline for United Oil & Gas came in the form of a two-year licence extension from the Ministry of Science, Energy and Technology (MSETT). This decision by MSETT is viewed as a vote of confidence in the oil explorer's ongoing projects and their ability to provide significant value despite the worldwide slump in oil prices. The extension will provide ample time for United Oil & Gas to continue their exploration efforts uninterrupted, and potentially discover new sources of oil.